Ask Bill a Mortgage Question

May I do a cash-out refinance to pay down $23,000 in credit card bills?

Our current mortgage balance is around $200,000, we have about 15 years left to pay on a 20-year mortgage at 5%. We have almost $23,000 in credit card debt. We are considering refinancing, should we go for another 20-year mortgage so we are able to pay more towards our credit cards or go with a 15 year. How do I find the best lender if we do refinance?

What is the distinction between a mortgage, note, and deed?

There is a difference between a note and a mortgage. Despite what most people think the note not the mortgage is what the bank looks to when collecting. You could still be on a mortgage, which would prevent a resale in the case of divorce if the parties wanted to have some connection during a resale/refi. I want to have my ex-spouse removed from the mortgage — my ex-spouse is not on th...
Read full question

My parent had a reverse mortgage and died unexpectedly. I inherited the property. What happens to the reverse mortgage?

My mother died last year unexpectedly. She had a reverse mortgage through Wells Fargo. I got into a nasty battle with them because they have refused to acknowledge me as the heir to her property although she had a standing will in place, and was one of many documents given to them before & after her death. A lawsuit has surfaced over her death, and has drained me financially. I need to k...
Read full question

What are the residency requirements for the VA reverse mortgage program?

I am co-owner of a condo with my fiancee. Right now we are letting her parents live there and are living in a house that she owns. The condo is not a rental property. I am a Vietnam veteran interested in the VA reverse mortgage program. My question is this; Even though my legal address for the time being is the house that my fiancee owns, is there any way I can qualify for a VA reverse mortg...
Read full question

How do we get proof our mortgage is paid to our lender Bank of America?

My wife and I had our home financed through Countrywide mortgage. In September 2008, we decided to pay off the mortgage. That was the time when BAC was acquiring Countrywide and we were instructed to Wire transfer the funds to BAC. The payment was sent on 9-25-2008 and we have the Confirmation number. However, we never received any acknowledgent or the title deed from BAC. Now, we are planni...
Read full question

Is there any type of loan program available to refinance an upside down home loan mortgage?

Is there any type of loan program available to refinance an upside down home loan mortgage? I owe more than my house is worth and need mortgage help!

How do I determine my home's value?

I have a line of credit with my house as calateral. How do I determine the value of my home? Is it replacement cost? Or average sales value in my neighborhood? How much of the value can be borrowed with a reverse mortgage?

How do I refinance my four-unit apartment building?

I am looking to refi and pull out $50,000 some for a lot of dental work needed and the rest to cover a vacant apt between renting and repairs so that will sit in the bank. Really, im looking for lower interest rates mine is 6 right now there is 4 apts and I've owned building 10 years and never did refi before, my ex use to handle all of this stuff so Im stuck for where to go how to start...
Read full question

When shopping for a mortgage refinance, should I be concerned about my loan balance or my monthly payment?

We need money for an $80,000 addition and are trying to figure out if it would be smarter to refinance our existing 151,000 1st mortgage and/or HELOC which is at 27,000(40,000 limit) or take out a larger HELOC? What makes this decision difficult is that the 1st mortgage (adj) is at 3.125% and the HELOC (adj) is at 3%. The value of the home is $350,000. We have lived here for 21 years and hav...
Read full question

What are my alternatives in Missouri to foreclosure, and what are my potential liabilities?

I recently put my Missouri house up for rent and rented an apartment for my daughter to go to school, and recently I have gotten 2 months behind on my payments, I am paying for a mortgage and an apartment which is beyond my means of income ; it is at the end of the lease with the tenant but wanted to know since my mortgage company denied me a modification of my loan can is it the same to fil...
Read full question