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Jun/10Mark CappelJune 4, 2010
I assumed two loans on my FHA home that I bought back in 1993. The house has always only been in my name and I had the house just me and my son for 3 years before I got married and my ex-husband's name never got put on the house. But when we divorced in 2007, I found out that he was entitled to $17,500 in equity at the soonest of one of these things:sell of the house,refinance, or when o...
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Jun/10Mark CappelJune 4, 2010
I live in California. My 1st is with Citi and has a balance of $64K and I have a 2nd with B of A with a balance of $240K. I know that is so strange. My house is currently valued at approx $215K. Due to job changes and layoffs, we are unable to meet our monthly obligations. I have quit paying credit cards and we down to eating beans and weenies just to keep the mortgages current. Citimortgage...
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Jun/10Mark CappelJune 4, 2010
I purchased a condo with my girlfriend (who later turned into my wife in 2007) back in 2006. We lived together in it until August of 2008. I left her and the condo due to difficulties in the marriage. I wanted to sell the condo, she was not ready to do that... so she agreed to continue payments on the condo while I lived on my own in my apt. Sometime in Q1 of 2009, she found that she could n...
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Jun/10Mark CappelJune 2, 2010
Should I refinance my mortgage or should I get a home equity loan? I am looking for some cash out to do some home improvement, and maybe a small addition? How do rates compare and is a refinance loan or a home equity loan a better deal?
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Jun/10Mark CappelJune 2, 2010
In 2005 I paid $239,900 cash for my Florida townhome. Therefore, I don't have a mortgage and it's now worth $89,000-$110,000. I have an equity line of credit of $149,900. I want to sell and get out. Between the HOA fees, taxes, interest only equity payments, home insurance, and utilities in my lifetime I will never get the money back I paid for this house. It is a money pit. Since I ...
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May/10Mark CappelMay 28, 2010I currently have a home mortgage with Chase. When I refinanced a few years ago I agreed to include an escrow account within the mortgage. Since then, I have tried twice to change this agreement and pay my insurance company and taxes directly once yearly. Chase has told me that I can not do this unless I refinance. The representative said this situation is a part of the RESPA law. I have excellent...
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May/10Mark CappelMay 28, 2010I purchased the 2nd mortgage on a house at foreclosure auction for $10,200. The first mortgage payoff today is $288k. I put $22k into fixing up the house for sale and there are 5k of back tax debt attached to the property. I've had the house on the market for 2 months and have dropped the price to my break even point and still no offers. The first mortgage holder has begun the foreclosure proc...
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May/10Mark CappelMay 28, 2010If a house appraises for $26,000 and it is said to need $25,000 in repairs to be livable. What is the true value I should offer the bank?
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May/10Mark CappelMay 27, 2010
I live in California. I moved in with my mom 6 years ago to assist her now that she's getting older. Prior to my moving in she had refinanced the house several times; remodel/updating, repairs, and paying off credit cards. On the last refi 5 years ago, she added me to the mortgage and title, so in case something were to happen to her, etc. The loan was for $250k.(chase) Shortly after tha...
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May/10Mark CappelMay 24, 2010
I have a pending divorce and the primary residence mortgage and title is in spouse's name. If the judge from the state of Maine awards me the house in the divorce judgment, will I be able to refinance the home and pay off existing home equity, tax liens that are in spouse's name? Will I have a waiting period before I can refinance it after acquiring title?