My x and I split up a year ago, I moved out and my x stayed in the house. I've left my name on the mortgage (we weren't married so the house is the only thing legally binding us), but now I'd like to take it off. How does that work? Is it expensive? How long does it take? Our mortgage is through countrywide. How do I remove my name from the mortgage?
The only way is for your ex to refinance by himself, hopefully number one there is sufficient equity in the place to refinance and number two hopefully your ex has the right credit score to refinance if the answer is no toward anyone one of the conditions then only option is to sell the home if possible How do I remove my name from the mortgage?
You can remove your name on the Title of the property if you choose, by quit-claiming the deed to your x-husband. You still are responsible for the mortgage though and your name cannot be removed unless you either refinance using a different name or have your x-husband refinance only in his name.
If your x is still living at the property you will both need to hire a solicitor to arrange for your removal...this is done either by your x re-mortgaging the property in their sole name or asking permission from the bank/building society if you can be removed.
Call a solicitor and ask them how this is done. it doesn't cost must
Personally I would make him sell the house and give me my half and then he can do whatever he wants with his. If he gets ugly and stops paying or keeps paying late it is affecting your score also so I wouldnt even have let it go this long.
You cannot remove your name from the mortgage unless you pay it off. They need to refinance the property in their name only, then you will do a quitclaim deed to also remove your name from the title to the home.
Wednesday, November 23, 2011
What is the current disqualifying credit score that mortgage lenders have earmarked?
Let's say someone wants to get out of having to buy a new property they had put down a deposit for a couple years ago.
The only way I see to get that money back as stated in the contract is to disqualify for the loan per the developer's selected lender. How can I do that?
So I'm wondering how low do I have to get my credit score to ensure I won't qualify?!What is the current disqualifying credit score that mortgage lenders have earmarked?
Acceptable credit scores vary bank by bank. In many cases they are only one piece of the puzzle anyway.
Purposely screwing up your credit would be a very dumb thing to do. You would have to be losing a ton of money to make this worthwhile.What is the current disqualifying credit score that mortgage lenders have earmarked?
there is no set score.
depends on how money you put down, how money you make, if you've been at your job or career long enough etc.
The only way I see to get that money back as stated in the contract is to disqualify for the loan per the developer's selected lender. How can I do that?
So I'm wondering how low do I have to get my credit score to ensure I won't qualify?!What is the current disqualifying credit score that mortgage lenders have earmarked?
Acceptable credit scores vary bank by bank. In many cases they are only one piece of the puzzle anyway.
Purposely screwing up your credit would be a very dumb thing to do. You would have to be losing a ton of money to make this worthwhile.What is the current disqualifying credit score that mortgage lenders have earmarked?
there is no set score.
depends on how money you put down, how money you make, if you've been at your job or career long enough etc.
How do you start marketing effectively for a Mortgage company in Arizona?
I have been given the task of creating new Ideas to generate business in our (home, construction, lot, refinance and HELOC programs) What are some cheaper, more effective avenues that work?How do you start marketing effectively for a Mortgage company in Arizona?
nothing really cheap AND effective. ';best'; way is to produce some flyers detailing your most aggressive products that people will actually want. low rates, closing costs, etc etc. people get that crap all the time so there has to be something on there that catches their eye at least and makes them want to read on.How do you start marketing effectively for a Mortgage company in Arizona?
this article has some great business tips and much more that should help you out...
A few free resources 鈥?check out the sources box for links:
1) Create a blog pertaining to your field
2) Use Yahoo! Local %26amp; Yahoo! Groups 鈥?Be sure to read the TOS for each one!
3) Write articles pertaining to your field and/or expertise.
4) Advertise on Craiglist
Also, consider signing up for an affiliate program. These programs enable you to advertise on other's sites (your affiliates) and once a sale is made to you, your affiliates %26amp; the program are paid a commission.
I listed a few handy sites %26amp; articles relating to marketing, promotion %26amp; advertising. Here are some book titles that are relevant:
* 301 Do-It-Yourself Marketing Ideas: From America's Most Innovative Small Companies by Sam Decker
* Off The Wall Marketing Ideas: Jumpstart Your Sales without Busting Your Budget by Nancy Michaels, Debbi J. Karpowicz
* Guerrilla Marketing for Free: Dozens of No-Cost Tactics to Promote Your Business and Energize Your Profits by Jay Conrad Levinson
* Entrepreneur Magazine's Ultimate Small Business Marketing Guide: Over 1500 Great Marketing Tricks That Will Drive Your Business Through the Roof by James Stephenson
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
nothing really cheap AND effective. ';best'; way is to produce some flyers detailing your most aggressive products that people will actually want. low rates, closing costs, etc etc. people get that crap all the time so there has to be something on there that catches their eye at least and makes them want to read on.How do you start marketing effectively for a Mortgage company in Arizona?
this article has some great business tips and much more that should help you out...
A few free resources 鈥?check out the sources box for links:
1) Create a blog pertaining to your field
2) Use Yahoo! Local %26amp; Yahoo! Groups 鈥?Be sure to read the TOS for each one!
3) Write articles pertaining to your field and/or expertise.
4) Advertise on Craiglist
Also, consider signing up for an affiliate program. These programs enable you to advertise on other's sites (your affiliates) and once a sale is made to you, your affiliates %26amp; the program are paid a commission.
I listed a few handy sites %26amp; articles relating to marketing, promotion %26amp; advertising. Here are some book titles that are relevant:
* 301 Do-It-Yourself Marketing Ideas: From America's Most Innovative Small Companies by Sam Decker
* Off The Wall Marketing Ideas: Jumpstart Your Sales without Busting Your Budget by Nancy Michaels, Debbi J. Karpowicz
* Guerrilla Marketing for Free: Dozens of No-Cost Tactics to Promote Your Business and Energize Your Profits by Jay Conrad Levinson
* Entrepreneur Magazine's Ultimate Small Business Marketing Guide: Over 1500 Great Marketing Tricks That Will Drive Your Business Through the Roof by James Stephenson
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
What are the benefits of making an extra mortgage payment at the end of the year?
I am tring to sell my house. If I make an extra house payment on 12/31/08, will that benefit me?What are the benefits of making an extra mortgage payment at the end of the year?
If not selling your house, the benefit is years of saved interest expense.
If selling, don't do it. Keep your free cash in case things don't go exactly as planned - if the money is left over, put it down on the new house.What are the benefits of making an extra mortgage payment at the end of the year?
In addition to saving interest expense, you can write off more of the interest in your 2008 taxes when you file taxes in 2009.
If not selling your house, the benefit is years of saved interest expense.
If selling, don't do it. Keep your free cash in case things don't go exactly as planned - if the money is left over, put it down on the new house.What are the benefits of making an extra mortgage payment at the end of the year?
In addition to saving interest expense, you can write off more of the interest in your 2008 taxes when you file taxes in 2009.
What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
My 5-1 ARM adjusted last year and went to 6.25%. It will adjust again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I estimate what my new rate will be?What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
There are multiple indices that are used by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the';spread'; is. (The spread is the additional % added to the index).What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
As it was already mentioned, your rate could be based on any one of those indexes, however if it resets in November I am willing to bet that your rate is based on the Libor index. Check your paperwork and if you cant figure it out then call your Mortgage Representative for assistance. Last November the Libor was just over 3% and today it is just under 2% which means if it resets again this November your rate may actually be going down. If this is the case then your interest rate spread is 3% over the Libor, so come November 2009 your rate might drop to about 4.5% if the Libor stays the same between now and then. For more on basic finances visit Finance 101 located at www.honestbanker.blogspot.com
look at your loan agreement to see what your rate is tied. it will not be fed funds rate but some other index. those indexes are quoted daily in yahoo finance area.
be careful. 30 year rates are about 5%. your rate could be 10% in 3-4 years if inflation takes off like so many experts predict.
You need to check your contract - the index will be in there. It could be the prime rate, it could be a T-Bill rate, it could be the Fed Funds rate, it could be the LIBOR. Until you know what the index is, you can't calculate the new rate.
There are multiple indices that are used by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the';spread'; is. (The spread is the additional % added to the index).What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?
As it was already mentioned, your rate could be based on any one of those indexes, however if it resets in November I am willing to bet that your rate is based on the Libor index. Check your paperwork and if you cant figure it out then call your Mortgage Representative for assistance. Last November the Libor was just over 3% and today it is just under 2% which means if it resets again this November your rate may actually be going down. If this is the case then your interest rate spread is 3% over the Libor, so come November 2009 your rate might drop to about 4.5% if the Libor stays the same between now and then. For more on basic finances visit Finance 101 located at www.honestbanker.blogspot.com
look at your loan agreement to see what your rate is tied. it will not be fed funds rate but some other index. those indexes are quoted daily in yahoo finance area.
be careful. 30 year rates are about 5%. your rate could be 10% in 3-4 years if inflation takes off like so many experts predict.
You need to check your contract - the index will be in there. It could be the prime rate, it could be a T-Bill rate, it could be the Fed Funds rate, it could be the LIBOR. Until you know what the index is, you can't calculate the new rate.
What is the best source for an FHA mortgage in California? A large bank or a finance company?
I am interested in getting pre-approved for an FHA loan and have been talking to my bank and I want to know what my options are to keep my costs down and not get taken advantage of as a first-time home buyer. If you have resently had some experience with this in the Riverside County area any advise would be appreciated.What is the best source for an FHA mortgage in California? A large bank or a finance company?
Your state housing finance agency may have the best programs available for you if you can work within there restrictions with regard to purchase price and income.
Here is a link with more information:
http://www.calhfa.ca.gov/homebuyer/progr鈥?/a>
I think your bank may be the best source for you, but of course you can call around and get some quotes on FHA loans as they should be fairly easy to come by. Understand that there is an upfront fee of 1.5% that is paid to the FHA regardless of who you use. That fee can be financed.
Our base costs for an FHA loan are $1,400 plus title insurance and recording fees.
Our HFA program has a standard rate of 6.25% on a 30 year, but requires a 1% origination fee and there is really no rate competition.
For regular FHA loans, we could either charge an origination fee to offer a lower rate or not charge one at a slightly higher rate. For example, we could offer 6.75% with 0 points or 6.50% with 1% origination. These fees can vary according to loan size with management approval.
Of course, the FHA will allow the seller to pay closing costs and even provide down payment assistance if you need it (at least for the time being so you may want to move quickly if you need that kind of assistance as it may be going away as of 10/1/2008 as a result of HR3221) no matter who you choose to use. Just be sure that your Realtor understands what they need to ask for once you have your pre-approval worked out.
The bottom line is that you want to work with someone who is going to offer the best rate/cost combination. Then you want to be sure that they do what they said they would do and that they will ensure that you get to closing on time.
I hope something I have said will help you with your decision and I wish you the best of luck and happy house hunting.What is the best source for an FHA mortgage in California? A large bank or a finance company?
it depends on a few things, one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck
Try to get pre-approved with this Loan company. You can choose your own rate and term and how much you would like to pay for closing cost. They have several different option that you can choose from.
http://www.amerisave.com/partner/chongth鈥?/a>origins face mask
Your state housing finance agency may have the best programs available for you if you can work within there restrictions with regard to purchase price and income.
Here is a link with more information:
http://www.calhfa.ca.gov/homebuyer/progr鈥?/a>
I think your bank may be the best source for you, but of course you can call around and get some quotes on FHA loans as they should be fairly easy to come by. Understand that there is an upfront fee of 1.5% that is paid to the FHA regardless of who you use. That fee can be financed.
Our base costs for an FHA loan are $1,400 plus title insurance and recording fees.
Our HFA program has a standard rate of 6.25% on a 30 year, but requires a 1% origination fee and there is really no rate competition.
For regular FHA loans, we could either charge an origination fee to offer a lower rate or not charge one at a slightly higher rate. For example, we could offer 6.75% with 0 points or 6.50% with 1% origination. These fees can vary according to loan size with management approval.
Of course, the FHA will allow the seller to pay closing costs and even provide down payment assistance if you need it (at least for the time being so you may want to move quickly if you need that kind of assistance as it may be going away as of 10/1/2008 as a result of HR3221) no matter who you choose to use. Just be sure that your Realtor understands what they need to ask for once you have your pre-approval worked out.
The bottom line is that you want to work with someone who is going to offer the best rate/cost combination. Then you want to be sure that they do what they said they would do and that they will ensure that you get to closing on time.
I hope something I have said will help you with your decision and I wish you the best of luck and happy house hunting.What is the best source for an FHA mortgage in California? A large bank or a finance company?
it depends on a few things, one timeframe. Almost everyone is going FHA now, so the big banks are pretty backed up in their FHA divisions. Generally a finance company can get a file completed much quicker. Next are your qualifications, meaning mostly your credit and income. The lower the credit and the tighter the income, your probably better off going to a finance company as they have fha lenders that specialize in that type of scenario, but going through a broker means paying certain items, such as origination and discount, but keep in mind that any FHA discount fee you pay should be tax deductible (see a tax professional) Bottom line is anyone can promise you the starts and the moon, work with who you trust the most, not who promises you something, if they promise or quote you something, demand it in writing, this should weed out the jokers, ask about time frames, when you can expect to close, how long does underwriting take, how long is my rate lock. Talk to a few people, but do not let them pull credit, that could drive down your score, see who you like and proceed from there, good luck
Try to get pre-approved with this Loan company. You can choose your own rate and term and how much you would like to pay for closing cost. They have several different option that you can choose from.
http://www.amerisave.com/partner/chongth鈥?/a>
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?Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
right now it is going to be extra hard to find some one to refinance your home -- i would rather see you gather all the family around the table and say for the next 12 months we are going to get out act together and get out finances in order and to do that we are going to down size -- we are just keeping what we need and nothing we want -- such as interent service -- cable tv -- cell phones -- and any other nice but not required items --- i am sure you could save enough to get your selves back on your feet!!!Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
Since you're behind on your mortgage as well as your other bills, it's going to be rough to get financing. I suggest you call some mortgage brokers that work with hard to place financing. If that does not work, you might have to retain an bankruptcy atty in order to stop any actions. I could assure you you're not the only with this problem. Best of luck.
There isn't an easy answer to this question: it really depends on a lot of factors not addressed in your note. I'm a broker and in most cases I've been able to assist clients who were behind on mortgage payments. However there is a lot of other information that comes into play.
I'd strongly recomend talking to a good and honest broker - most of the time brokers have access to programs that banks can't offer you. Banks have a limited program menu, and if you don't fit their guidelines they can't lend to you. However a broker has access to many direct lenders that offer more specialized programs for specific clients.
For lack of a better analogy, when it comes to mortgages lending a bank might be like a Nike store and a broker like a athletic shoe store: if all you want it Nike, go to their store. But if you want a selection beyond Nike, go to the store with more of a selection. LoL - that's not perfect, but I hope you get my point.
Refinancing is still a loan that is going to require good credit and on time payments. If you are behind on your current mortgage and/or other bills, then you are probably NOT going to find anyone who will do a refinance for you. Sorry, but those are the facts.
wehn you refinance you are essentially applying for a new mortgage and lenders usually have restrictions on how many late mortgage payments you could have had in the past year, usually from 0 to 3. You should talk to a mortgage broker who can find a lender that allows more or unlimited late payments. Your rate will definitely not be the best or may not be good enough to refinance.
yes you can find lenders it looks like you need a foreclosure bailout. and some extra cash to pay off bills. here's aplace that can do this for you ASAPwww.directrlendg
Here are three options to explore:
1. - Can you borrow the money from somewhere to get yourself current on your mortgage? FHA will do a loan for you up to 85% LTV. However you must be able to show income to support the loan.
2. - If this is not an option your current lender will probably be willing to enter into a forberance agreement with you allowing you to spread what you are currently behind over a period of time, usualy 12-months. This might not be the answer for you as it sounds like you can't make the payments you have currently.
3. - Debt consolidation and restructuring may be the best alternative. If your current debt payments (non-mortgage) were cut in half could you afford to stay current then? If so speak to a reputable credit counselor to see if they can get you involved in a repayment program. It's going to wreak havoc on your credit but it sounds to me like you're past that point anyway.
What ever you decide to do be sure to communicate with your creditors. Ignoring the problem will only make it grow.
Go to a lawyer and get a Chapter13, this is a court action that will not be detrimental to your credit because it means you got yourself in a hole financially but you have all intent to pay. You end up paying the court a certain amount each month and that way you can keep your home and what you have and the bank you owe can't foreclose. Your not the only one in this situation a lot of lenders raised their rates and in doing so made payments impossible for people to keep up with its a bad situation but its the best way to get out of this one. Also understand you will have to pay the lawyer a couple of grand to file and you have to take a class online.
But once it is done you will feel a lot better!
Try out any bank
If you are late on mortgage payments, you are in a tough situation. Best get healthy on your back payments, then talk to the bank currently servicing your loan. They are most likely to work with you, but may have a higher interest rate.
right now it is going to be extra hard to find some one to refinance your home -- i would rather see you gather all the family around the table and say for the next 12 months we are going to get out act together and get out finances in order and to do that we are going to down size -- we are just keeping what we need and nothing we want -- such as interent service -- cable tv -- cell phones -- and any other nice but not required items --- i am sure you could save enough to get your selves back on your feet!!!Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
Since you're behind on your mortgage as well as your other bills, it's going to be rough to get financing. I suggest you call some mortgage brokers that work with hard to place financing. If that does not work, you might have to retain an bankruptcy atty in order to stop any actions. I could assure you you're not the only with this problem. Best of luck.
There isn't an easy answer to this question: it really depends on a lot of factors not addressed in your note. I'm a broker and in most cases I've been able to assist clients who were behind on mortgage payments. However there is a lot of other information that comes into play.
I'd strongly recomend talking to a good and honest broker - most of the time brokers have access to programs that banks can't offer you. Banks have a limited program menu, and if you don't fit their guidelines they can't lend to you. However a broker has access to many direct lenders that offer more specialized programs for specific clients.
For lack of a better analogy, when it comes to mortgages lending a bank might be like a Nike store and a broker like a athletic shoe store: if all you want it Nike, go to their store. But if you want a selection beyond Nike, go to the store with more of a selection. LoL - that's not perfect, but I hope you get my point.
Refinancing is still a loan that is going to require good credit and on time payments. If you are behind on your current mortgage and/or other bills, then you are probably NOT going to find anyone who will do a refinance for you. Sorry, but those are the facts.
wehn you refinance you are essentially applying for a new mortgage and lenders usually have restrictions on how many late mortgage payments you could have had in the past year, usually from 0 to 3. You should talk to a mortgage broker who can find a lender that allows more or unlimited late payments. Your rate will definitely not be the best or may not be good enough to refinance.
yes you can find lenders it looks like you need a foreclosure bailout. and some extra cash to pay off bills. here's aplace that can do this for you ASAPwww.directrlendg
Here are three options to explore:
1. - Can you borrow the money from somewhere to get yourself current on your mortgage? FHA will do a loan for you up to 85% LTV. However you must be able to show income to support the loan.
2. - If this is not an option your current lender will probably be willing to enter into a forberance agreement with you allowing you to spread what you are currently behind over a period of time, usualy 12-months. This might not be the answer for you as it sounds like you can't make the payments you have currently.
3. - Debt consolidation and restructuring may be the best alternative. If your current debt payments (non-mortgage) were cut in half could you afford to stay current then? If so speak to a reputable credit counselor to see if they can get you involved in a repayment program. It's going to wreak havoc on your credit but it sounds to me like you're past that point anyway.
What ever you decide to do be sure to communicate with your creditors. Ignoring the problem will only make it grow.
Go to a lawyer and get a Chapter13, this is a court action that will not be detrimental to your credit because it means you got yourself in a hole financially but you have all intent to pay. You end up paying the court a certain amount each month and that way you can keep your home and what you have and the bank you owe can't foreclose. Your not the only one in this situation a lot of lenders raised their rates and in doing so made payments impossible for people to keep up with its a bad situation but its the best way to get out of this one. Also understand you will have to pay the lawyer a couple of grand to file and you have to take a class online.
But once it is done you will feel a lot better!
Try out any bank
If you are late on mortgage payments, you are in a tough situation. Best get healthy on your back payments, then talk to the bank currently servicing your loan. They are most likely to work with you, but may have a higher interest rate.
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