Mortgage
High Closing Costs Refinancing Underwater Mortgage
If you are trying to refinancing your underwater mortgage be careful your lender does not charge you excessive fees. Shop around. Q: We are underwater with our home. We have never been late on our payments and have good credit. …
Reporting Cancellation of Debt Income to IRS
Sell a property or lose it in foreclosure, you may end up with phantom income and have taxes to pay taxes on the forgiven debt. Q: Will mortgage companies report to the government the loss of a foreclosed property so …
Larger or Smaller Down Payment on a Home Loan
What’s better a Larger or Smaller Down Payment when you are buying a home and get a home mortgage. The simple answer is that it depends. Q: If I buy a home and put down $30,000 and then wait until …
Loan Modification Hell May Lead To Class Action Lawsuits
Loan Modification Hell May Lead To Class Action Lawsuits. A Federal Appeal court in Chicago seems willing to allow the case to move forward. Q: I was listening to your radio show recently when a gentleman called in to talk …
Refinance Mortgage Problems When Income Cut
Consider refinancing your mortgage with your lender, but if you do not receive prompt attention seek out a different lender to refinance. Q: We would like to refinance our home. My husband’s pay was cut by more than half. We …
Bankruptcy Cancels Debt Not Mortgage
Bankruptcy may cancel your debts and obligations, but secured lenders keep their debts alive in their mortgages and foreclosures may continue. Q: Due to my cancer diagnosis, and subsequent expenses, my wife and I filed bankruptcy in 2010. Just a …
Are You Ever Too Old To Get A Mortgage?
If you are retired and want to get a mortgage, you may not be out of luck, depending on your assets and income. Q: I’m nearing 70 and my wife is 46. I want to buy her a house. I …
Using a Reverse Mortgage to Purchase a Second Home
You can use a reverse mortgage to purchase and buy a second home, but you should also investigate the use of a home equity line of credit (HELOC) or a second mortgage. Q: We have a home that is fully …
Time to Refinance from ARM to Fixed Rate Loan?
This may be a good time to refinance to a fixed rate mortgage from an adjustable loan if you think your ARM interest rate will go up soon. Q: We have a first mortgage which is a 5/1 adjustable rate …
Interest Rate On ARM Mortgage Tied To LIBOR
Many adjustable rate mortgage (ARM) loan interest rates are tied to the London Interbank Offered Rate (LIBOR) and that rate has recently gone up. Q: My mortgage is adjustable, tied to the one year LIBOR. Up until the last few …
