Loans

Only if there is some stipulation in the contract that after a certain amount of the loan has been paid, the cosigner can be relieved of their loan obligation.

That will be strictly up to the LENDER and their credit guidelines.

When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.

That depends on which side has the most leverage(I'll fight you for custody of_______ if you dont give me the _____), the best attorney(how the divorce decree is worded"____ gets to keep the _____ car and has to get it refinanced and ____ name OFF the loan in 30 days)and who wants to win the most. Good Luck

He will be the first to be sued. You will be next. Make sure the lender knows where he is working and living.

The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.

Call a local attorney and ask her/him for state specific advice.

YES, you can include it whether the payments are current or not.

If someone is ***** enough to co-sign, most likely you can. Especially with a large down payment. It would be better for all involved to save your money and buy something you can pay CASH for.

No. The cosigner would have to apply for a loan in their name using their credit, income data.

No. It will become a part of your credit report and will have some effect on your debt to income ratio.

If you are considering refinancing your home loan, you'll find that the process reminds you of what you went through in obtaining the original mortgage. That's because, in reality, refinancing a mortgage is simply taking out a new mortgage. You will encounter many of the same procedures, and the same types of costs, the second time around. Refinancing home loans can be worthwhile, but it does not make good financial sense for everyone. A general rule of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings. There are other considerations, too, such as how long you plan to stay in the house. Most sources say that it takes at least three years to realize fully the savings from a lower interest rate, given the costs of the refinancing. (Depending on your loan amount and the particular circumstances, however, you might choose to refinance home loan that is only 1.5 percentage points higher than the current rate. You may even find you could recoup the refinancing costs in a shorter time.) want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if they intend to stay in the house long enough to make the additional fees worthwhile. have an adjustable-rate mortgage (ARM) and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan. want to convert to an ARM with a lower interest rate or more protective features (such as a better rate and payment caps) than the ARM they currently have. want to build up equity more quickly by converting to a loan with a shorter term. want to draw on the equity built up in their house to get cash for a major purchase or for their children's education. If you decide that refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing. I am a Sr. Loan Officer. I tend to often thoroughly question my clients to find what best benefits them and if it is even worth it for them. Many brokers will try to find a way to get it done just to get a loan. But I believe in honesty and now may not be a right time but further down the road may be a right time. Mainly I always ask how long do you plan to stay in the home? Some people refinance their loans every 5 years, some even every year. If you refinance so often why are you jumping into 30-year loans? If you plan to sell your home within the next few years, why get a long-term loan? There are many hybrids arms and other types of loans such as interest only that could be of a much greater benefit. There are arms with fixed terms as well, such as 2/28’s, which amortize over 30 years and are fixed for the first two years; they offer a much lower rate than a conventional 30-year fixed. Another aspect is what do you want to accomplish in your refinance? Do you want to pay off debt, do you want a new car, do you want to lower the rate? Consolidating debt through a refi can be very beneficial, for one at the end of the year after making minimum payments how much of that do you write off on your taxes? The answer is none; on the other hand your mortgage is tax deductible. Mainly you have to weigh out the benefits and see if the cost vs. benefits is worth it. If you are going to lower a 6.5% rate to a 6.25% rate then obviously it is not worth it. Rather than simply refinancing, why not get set up to pay less in interest and more in principle, and actually earn interest off your principle, without changing your monthly payment? This will allow you to pay off your mortgage in less than half the time, and after 30 years you can have over $1 million saved for retirement. This is done through a Cash Flow account.

Watch out for this situation: A contractor offers to do some work on your home, saying he can also arrange the financing through a lender. Once you agree, the contractor begins work. The lender then appears with papers to sign. He may rush you into signing a document before you have time to read it, or the contractor may threaten to stop working until the papers are signed. You sign, only later realizing you've just agreed to a home equity loan with high rates, points and fees. Additionally, the contractor now has no interest in finishing the job, since he has already gotten paid by the lender.

In deciding whether to refinance an adjustable rate mortgage (ARM) you should consider these questions: Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points higher than the prevailing rates being offered for either fixed-rate loans or other ARMs? If your current home loan sets a cap on your monthly payments, are those payments large enough to pay off your loan by the end of the original term? If you refinance to a new fixed or adjustable rate mortgage, will that enable you to pay your loan in full by the end of the term? Many people are afraid of ARM's because a friend of a friend who is in the mortgage business who they know said so, many people just assume these types of loans are dangerous because of the keyword "adjustable". This is not true in most cases. ARM's can be very beneficial to people in the right circumstances. People who are buying a home who may have bad credit or just had a bankruptcy. They are going to rebuild their credit over the next few years, so why go into a long-term 30-year fixed loan if you will probably refinance in 2-5 years when your credit has been rebuilt? Why not go for a 5-year adjustable? Not all adjustable loans start off as ARM's, for example the 5 year adjustable is actually fixed for 5 years at a much lower rate than a 30 year fixed. The 5-year is amortized over 30 years as well and begins to adjust only after the 5-year period is over, you can refinance before the adjustment hits. It's also beneficial to people who may sell their home in the next few years. Or people who need to pay off a large debt. Interest Only loans are also a great alternative, where you only pay the interest on the loan. For Self-Employed people that have fluctuating income periods. For example people who may not make as much during the spring and summer but make significantly more money in the winter. There are MTA loans that are adjustables where you pick your payment from month to month. One month you make an interest only payment, another month you make a basic minimum payment, another month you can make a fully amortized payment and on and on. The rates start off very low, some as low as 1.25%. MTA loans are not for the average person though. They adjust on either a monthly basis, or 3 and 6 months. There are many other benefits and downsides as well. Make sure to ask your mortgage consultant to explain them to you until you understand it as well as he/she does. If they try to confuse you with unfamiliar terms then go elsewhere. You need to feel as good about the deal as they do.

Yes you can just keep on refinancing until you have reached the maximum of your home's fair market value. The fees will add up to a huge amount and you will never get out of debt. There will come a time when you default on your payments and the bank will take your home by foreclosure.

I am a Realtor in Texas. I have worked with many buyers and they all have different preferences in this area. It always seems to hinge on how much cash you can afford (or want) to come up with at closing.

Ideally, I believe it is best to pay the closing costs up front, rather than wrap them into the mortgage...if you're able.

A couple of reasons FOR paying cash:

1. As with anything you finance, you end up paying waaaaaaay more than the principle amount that was financed. $5,000 closing costs, added to your mortgage, may end up costing you $25,000 in the long run (just a hypothetical estimate).

2. You can buy more house (dollar wise) if you pay the closing costs. If you're pre-approved for $200k, but want to wrap $12k of closing costs back into the loan, that means you will only be buying a $188k home, not a $200k home...but you're still financing $200k!

A couple of reasons AGAINST paying cash:

1. You don't have the money to spend on closing costs right now (or you would rather use the money on something else).

2. Seller is willing to pay the closing costs for you, without moving the sales price of the home above what the house is worth. Although, if the seller is willing to do this, he/she would probably be willing to take that much less for the house and NOT pay your closing costs. In which case, I would recommend paying less for the house and still paying cash for the closing.

3. If you're only a couple of thousand dollars away from being able to put 20% down on the mortgage, which means you would NOT have to pay mortgage insurance, you may want to wrap the closing costs into the mortgage and add that cash to your down payment. Although mortgage insurance is only about $50 a month, it adds up over time. That extra amount on your monthly payment doesn't go away until you've paid off 20% of your mortgage.

Again, it's all dependant on your situation (financial capabilities and personal wants).

--Kevin

A Home Equity loan is an additional loan from your first and second mortgage. It does not require a refinance process. However, consider if you want to saddle your home with any more debt, given that you may not have much equity. If you are paying PMI, it may also change that position.

I have been a mortgage originator for over 10 years and I am not aware that any such law exists. Different lenders have their own criteria but most would allow a refinance if the property has recently been listed for sale. They would merely require proof that it is no longer on the market and a letter explaining why it was listed for sale and why you took it off the market. I am being TOLD that we cannot refinance our home if it has recently been on the market. I was wondering what mortgage comapny that you work for so I might get refinanced?

You do not need perfect trustee payment history to be approved for a refinance of a Chapter 13. With a dismissed Chapter 13 I can go to 75% LTV Full Doc. The information I see proliferating on the internet is erroneous. If you have perfect payment history to your trustee this improves your LTV(loan to value) max. i.e. someone who never missed a trustee payment will have a max LTV cap of 90%, where someone who has missed payments will be downgraded to 80% LTV. The better the trustee payments, the better the interest rate, and options available. You Do not NEED a perfect pay history to your trustee to get a mortgage.I stress the fact that you can have 120+ unlimited lates and as long as you can document you income I can go to 75% LTV. Any loan officer that tells you that a loan can be wrapped up in 3-4 weeks in a state that requires a motion to be filed for post petition refinancing(Not all states require a motion, some states a trustees ok is all that is required) is lying. Motions to approve post petition refinancing are heard twice a month. Some motions are required to be filed in advance by 30 days I.E.Motions for stay relief etc... You need a loan officer that TRUELY knows what their talking about.

I am a loan agent, I can re-finance out of 13. You will not have had to be discharged out of 13 but you will need to have made your trustee payments on time. If you have done that so far, a specialized mortgage broker can refi you out of 13 with the proper lender connections and court tools. The best thing is that the lender will expect you to have a Low FICO score. I must tell you that most brokers do not handle these cases do to the degree of difficulty regarding Chapter 13 refinancing so be prepared.

When refinancing out of a chapter 13 you should expect the proceedure to take about 6 weeks. The first thing is permission from the courts. Contact your trustee and get "permission", a payoff and also a payment history of your payments to the trustee. The next thing to do is to request a payoff from your mortgage company. You do this by calling the customer service line and having the payoff MAILED AT NO CHARGE and also request a payment history. The only other things you really need are the normal loan application items. 2 years w-2's, 2 months of bank statments, and any other income documentation that you can provide such as child support, alimony, or any rental, annuity, or social security documentation. I am not a loan officer but have been in the business (banking/mortgage) for almost (oh my!) 20 years. I have gone throught this personally and help at least one or two people do these types of loans a month. I have a few places that are licensed in most states that I can refer "BK buyouts", so although I do not personally do the loans I have sources to people who are very good at whatthey do and will make process as "painless" as possible. Please feel free to email me or call me at my work number x135 and I will guide you in the right direction. Remember you do not have to be penalized for past mistakes or poor credit history forever and there is hope.

I have been a mortgage loan officer for over 10 years and I have helped many people refinance out of a chapter 13 during that time.

The process is really quite simple and depends mainly on equity in the subject property and a favorable payment history to the trustee. In most cases, I can get the refi wrapped up in as little a 4 weeks.

Please do not hesitate to contact me directly for further information.

It depends. If say you only owe $6000 on your entire mortgage and plan to live there the rest of your life-payments are under say $300 a month, I probably would NOT pay it off. There are some tax advantages of course if you can deduct interest as long as you can. On the other hand, if you're strapped for cash, you may consider refinancing, but try to use some discretion on the amount. Borrow only what you have to(no more no less) and you won't feel the pinch quite as bad. Neither is necessarily better. For example, if you have a Cash Flow account, you can pay less in interest and more in principle and that principle can earn you interest. So after 30 years, you can have $1 million in your Cash Flow account to pay off your home and have a large sum of money for retirement. The Cash Flow account keeps your equity safe and liquid.

Generally mortgage can be refinanced but only if you are looking to reduce mortgage payments, as it can be done at lower interest rate. Actually if you want to make a multiple refinance then it will definitely reduce your overall financial profit. Penalty checking is the major factor in mortgage refinancing.

I am not quite sure what the question exactly pertains to, as far as "fees".

If by fees you mean closing costs then yes you can.

In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession"

Basically the closing costs are added to the purchase price and that is now the new purchase price.

To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount.

Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal.

The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it.

It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs.

Sellers concessions can cover all or half of the closing costs.

In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases.

Loan to value is your current debt on the home divided by its current market value.

A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.

Yes you may, in a refinance your HELOC could be paid off the same way as any other type of debt such as a credit card. The same goes for a second mortgage, as long as you have built enough equity in your property you can refinance and pay off the 2nd mortgage and leave yourself with just one mortgage payment.

This is possible. When you do a Chapter 13 refi you are ususally refinancing your 1st, 2nd, etc, liens on you title and the outstanding debts held by your trustee. So if on your your charge sheet is a debtor lets say his name is XYZ you pay him off and everyone else on your list this takes you out of 13. Hope that answers that question

Most banks require seasoning of atleast 12 months before you can refinance a mortgage. Though I work with banks that will do a refinance even 1 day after funding.

As a footnote most states have what's called 3 days of rescission. Your broker is supposed to explain this to you. Basically you are allowed to rescind on the loan up to 3 business days after closing. This is to protect the borrower who may sign under duress. Many lenders and brokers pull what is known as a bait and switch. They promise you a low rate and then at the closing table the rate is considerably higher and many people sign because they have invested so much time or they are pressured into it. So they do have the right to rescind even after closing.

I am a mortgage lender and broker. Some lenders do not require that you own your home for a certain period of time before refinancing; enabling you to refinance whenever you like.