Mortgage - Free Calculators

Salvagable credit after losing investment property to bank

My husband an d I purchased a Florida investment property in our names. For 2 years we had renters, they moved out and we cannot find anyone to rent the place. We cannot make the payments any longer and have property up for sale at 100k less than we paid, 50k less than we owe. We are hoping to find a short sale buyer. If we can't, what is our next best option -- Deed In Lieu, bankruptcy, let it go into foreclosure? Our biggest concern is tax consquences and our credit. We want to be able to move from our primary residence into a bigger primary residence in the coming years.

Mortgage question

I own a home in KY and paying on my mortgage (have a 2nd and 1st). Watching my value plummet and can't sell. Dropped home down in price to the point it's 20k less then what I paid for it in 2005 (and I also put 20k into the house!). Ok, so I haved moved to another state. Renting for now. I am trying to lease our house out (or sell, which ever comes first). I am toying with idea of trying to get a loan on a new house in FL -- if we can get a wonderful price. (like 03 prices) Will a lender consider lending a buyer with FICO of 770+, income of about 200k from last year and only debt is cars and deferred student loans of about 20k? For a new mortgage (for purposes of this question --let's say the payment is 2000 Per month for everything) I am currently paying 2100 per month in old house and if we lease it out it will be for 1700 or so a month. I am paying 1400 per month in rent. I am worried about the future and naturally would like to get my family in a home while the money is coming in and hope and pray we can either sell the house in KY or keep it a long term rental. Any thoughts? If something terrible happens (regardless of whether I buy a new home or keep renting).. the first thing we'd have trouble with is the KY house and the payment. I have worked very hard and don't intend to default. If there is a depression and I lose my job and my hubby loses his.. we'll be screwed either way and would have to walk away from KY house eventually. I certainly don't want anything bad to happen and think that we might be able to make the KY house a decent rental once we pay off the 2nd mortgage (which is doable with some focused effort on paying it down). But I'd hate to sit on sidelines in FL renting while my dream homes finally get down to a reasonable price for me to buy, b/c of my fear. Thanks!

job and mortgage

Is it true you need to have a job in Texas to get a mortgage in Texas

Market Updates and/or Economic Updates

Just checking to see if there is any economic or market updates you guys would be interested in? Alot, of new about inflation and it directly affects mortgage rates now and in the future...

Removing Ex From Deed

I bought my house in 1989 as a single person and married in 2002. In 2003, I refinanced and my husband's name was added to the deed of trust, but the mortgage remained in my name only. I got a divorce in 2004, but didn't think about a quitclaim at that time. I was in the process of getting another refinance when I learned that I must get a quitclaim to remove my ex-husband. Since I have no contact with him and don't know his whereabouts, how can I get this resolved?

How do I go about getting a co-signers name off of a loan if

How do I go about getting a co-signers name off of a loan if they refuse to sign a quit claim deed? I have a home loan and home in my significant others name and mine and he refuses to sign a quit claim deed. He has not paid on a mortgage payment since we have been in the home over a year. I would like to have the title and loan in my name only but would like to know how to go about doing this legally?

is it possible to remove a co-owner from a mortgage so they

Hi, is it possible to remove a co-owner from a mortgage so they can purchase their own mortgage. My inlaw and I both own my home. My inlaw has thier own home as well. They are getting older and are trying to purchase a multi-family home for themselves and us so that we can be there to care for them. They were approved for a new loan, only if their name is removed from my loan. As far as their own home loan now, they will have a renter. And as for my home, I plan on selling, but that could take a while because of my location and they need to do this now. My husband, sister inlaw, and I will be rotating staying with them in the mean time. How do we do this without refinancing my home? Will a quitdeed or reverse mortgage or anything else I am unaware of work?

want a house

i am intresting buying house in the USA

what kind of sale would his be?

i have a friend who owns several rental properties some that are paid for others not. he wants to give me the ones that are paid for, take the equity out of them, and give him the money so he can buy down the other properties. can this be done? what kind of sale would this be and would i be hit by taxes? he cant do it because his credit is bad.

How do I become part ownwer of a home?

I made a mortgage payment on a home loan for another person. How do i get added to the deed and claim part ownership?