Voting Question: Can my ex stop the foclosure & remove my name from the deed without my agreeing to it?

Pls helpp me=(

a. Used car cost
b. Wholesale value
c. Kelley Blue Book
d. Asset value
e. Depreciation
f. Reliability
g. Equity
h. Bumper–to–bumper warranty
i. Insurance premiums
j. Sticker price



1. The amount of money that you could get for something if you sold it


2. A guarantee which covers the entire car, with few (if any) exceptions


3. The amount or percentage by which something decreases in value over time (


4. The value of a piece of property, over and above any mortgage or other liabilities relating to it

5. The payment made to obtain insurance


6. Able to be trusted with financial responsibility; high likelihood of paying back debt


7. The retail value of something; the price that something is advertised as costing


8. The cost of something when bought directly from the manufactuer


9. Wholesale value minus depreciation, plus taxes, registration and licensing fees


10. Online resource for car pricing

Voting Question: Can my ex stop the foclosure & remove my name from the deed without my agreeing to it?

I co-own a home with my ex. He's lives in the home and has allowed people to squat there for almost a year. He stopped paying the mortgage as of Sept 07, along with every other joint debt he had with me. Consequently, I was forced to file bankruptcy to stop garnishment of my wages. Now the mortgage co has filed a notice of default. My ex claims he's now working with an attorney to stop the foreclosure and have my name removed from the deed. The only thing I can find on this is a filing a partition which means he'd still have to sell the home and give me 1/2 the equity I believe. Has anyone heard of this? Am I just out of luck because I filed bankruptcy on the mortgage? He seems to think so.

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Resolved Question: If my girlfriend moves into my house and helps pay the bills, can she sue me for equity if we split?

Question Details: I have about £49,000 of equity in my house, i want to buy a new car, but cant afford the £450.00 payment for the new car! I can get about £2,500 for my current car so i would look to borrow about £7,000 for my new car! + £2,500 for my current car - my budget is £9,000, My mortgage isnt due to be renewed till Jan 2009. Is there anyway i get get some equity out my house to put towards this new car i am looking for? my current mortgage payment is £350.00, i would prob manage about £400.00 a month! and that's pushing it? does anyone know how to go about this? Any ideas would be very welcome!!! - thanks in anticipation!!! :) cheers!!! I put down over £20,000 of my own money down as the deposit for my new house

Voting Question: ££££ Equity In my house!!!? - Can i use this??? - for new Car?

I have about £49,000 of equity in my house, i want to buy a new car, but cant afford the £450.00 payment for the new car! I can get about £2,500 for my current car so i would look to borrow about £7,000 for my new car! + £2,500 for my current car - my budget is £9,000, My mortgage isnt due to be renewed till Jan 2009. Is there anyway i get get some equity out my house to put towards this new car i am looking for? my current mortgage payment is £350.00, i would prob manage about £400.00 a month! and that's pushing it? does anyone know how to go about this? Any ideas would be very welcome!!! - thanks in anticipation!!! :) cheers!!!

Resolved Question: If my girlfriend moves into my house and helps pay the bills, can she sue me for equity if we split?

I bought a house two years ago. Now my g friend will be moving in with me. She plans to contribute towards expenses, maybe about a quarter of the mortgage and utilities. What does this entitle her to? Things are great now, but we have known each other less than a year so I am nervous.

Technorati Tags: equity mortgage, Resolved, Question, girlfriend, moves, into, house, and, helps, pay, the, bills, can, she, sue, for, equity, split

Voting Question: Is there any law that says you can't cash out all your lines of credit+cards and then save the cash in a box?

Someone still needs to explain to me why I or any other taxpayer should bail out a homeowner that was able to purchase a house they couldn’t afford in the first place. The fact is is that the vintages of mortgage loans primarily impacted (late 05, and 06, 07) are subprime with little/no documentation of income (read in–they did not have enough to support the payments after the teaser rate ended and should have known it), home equity lines of credit (read in–they lived beyond their means), and second mortgages (see preceding comment). In many cases, these were speculative investments where the investor/homeowner thought they could flip the house. And I (as a taxpayer), who purchased only that amount of property that I could afford and got a loan commensurate with that thought process should pay for those who should never have been in that house in the first place? Note that I don’t even have a house–I have a condo, but I’m supposed to pay for someone else to have a house they shouldn’t? I asked this question to get other perspectives. Tony, you raise an interesting point about those who bought houses for their families at the then-current market price and got screwed by all the speculators. Theoretically, they could have rented for the time being due to the exorbitant prices, but that assumes they knew the bubble would pop. Since buying a house is a huge investment, do you think all buyers should have educated themselves and avoided buying in a bubble? Or do you think this is entirely impractical? Being in the business, you might have a better idea than I. Thanks for your input. Nuff, your point concerning redistribution of wealth via tax rebates is interesting. I'm glad you mentioned that. Do you have a reference for the 56 trillion #? Rush The Band & Stage Dive,

There are talks going on right now about the degree of intervention, if any, the government should pursue. Paulson seems to be right on expressing educated views rather than "speculation." (Wouldn't it be ironic to fix a problem caused by excessive speculation with yet more speculation?)

"'While some in Washington are proposing big interventions, most of the proposals I’ve seen would do more harm than good,' the secretary said in remarks prepared for delivery to the Economic Club of Chicago, according to The Associated Press. 'If borrowers aren’t willing to ask for help or respond to efforts to reach them, there is only so much that others can or should do on their behalf.'

The speech was expected to reiterate points that Mr. Paulson made in an interview published Thursday in The Wall Street Journal. Too many of the aid proposals circulating in Washington are 'bailouts' designed to help the reckless, he told The Journal." [1] [1] http://www.nytimes.com/
2008/02/28/business/
28cnd-econ.html?hp

Thank you all for your inputs. I like Yahoo Answers for collecting other perspectives to balance out my views. Metallic,

Too few people realize the importance of feedback. We train animals by how we respond to their various activities (if I understand correctly: otherwise, correct me here). People aren't so different from my observations. Are responses to the actions of others are FAR more important than our words of caution (lol). If we reward (and it is a reward as far as feedback is concerned) their excessive speculation, they will learn that future speculations will be similarly bailed out. For daddy to bail out spoiled little junior only reassured him that he can be as immature as he wants 'cuz he'll always be bailed out. The end result is much more speculation. Rather than sheltering whoever these people are (and that's a question I'd like to see answered), perhaps they should learn their lessons rather than having big brother reinforce their behavior. I agree with your point completely. Thank you. oops: "Our responses..." (tired) re-oops: "only reassures"
(no preview option for additional details) Re: national debt (net)

5.2 - 5.5 trillion held by the public [2, 3]

[2] http://www.treasurydirect.gov/
NP/BPDLogin?application=np
[3]
http://zfacts.com/p/461.html

Voting Question: home equity line of credit?

I have a first mortgage and a HELOC right now. Is it possible for me to refinance my first mortgage but not pay off my HELOC? thank you.

Voting Question: Is there any law that says you can't cash out all your lines of credit+cards and then save the cash in a box?

Right now I have $150K of available credit through a variety of sources. My good credit score is about to be trashed because I can't afford my mortgage reset after 5 years and there is negative equity in my home so I can't refinance. Since my credit score will be destroyed can I cash out the $150K since the damage is already done? How long will it take for the debt to be discharged from my record? If I keep the cash in a box and don't declare bankruptcy to say that I don't have the cash, what is the worst that can happen to me?

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Voting Question: mortgage insurance/refi?

Right now I have $150K of available credit through a variety of sources. My good credit score is about to be trashed because I can't afford my mortgage reset after 5 years and there is negative equity in my home so I can't refinance. Since my credit score will be destroyed can I cash out the $150K since the damage is already done? How long will it take for the debt to be discharged from my record? If I keep the cash in a box and don't declare bankruptcy to say that I don't have the cash, what is the worst that can happen to me?

Resolved Question: Can you be forced by the court in a bankruptcy case to sell your house for the equity in it in Virginia?

Is there any way for you to keep your house if it has equity in it if the equity is more than what you owe on unsecured debt.? If you keep paying the mortgage My friends say no they can't take your house but an attorney I spoke with said they could take it .....I don't know who to believe...help!!!!!!

Voting Question: mortgage insurance/refi?

I bought a home 8 years ago-I have less than 20% of the original value paid-so I have to pay mortagge insurance-

If I refi at the current value I will have 60% equity-can I drop the mortgage insurance or is it kept because of teh original purchase value my interest rate will drop over 1% also make that 2 percentage points! it's saturday night-so there is no local professional to consult-

it doesn't make sense to pay mortage insurance-if I sold my place I could pay off the mortgage and still have $100000 left over-the mortgage insurance is so that the bank doesn't lose money should I not be able to pay-and that won't happen because of the current equity my current lender told me PMI was based on the purchase value/not current value

Technorati Tags: equity mortgage, Voting, Question, mortgage, insurance, refi

Resolved Question: How does one protect equity in home when divorced from husband who is on the mortgage and deed?

My husband and I have three young children. Our middle son has a medical problem and we have accumulated a lot of medical debt (about $7500). We own our home and an investment property; however, the real estate market in our area has dipped and the value of each property has declined substantially. We have about $40,000 of equity in our home.

In addition we have close to $50,000 in credit card debt and a $10,000 car loan.

We recently tried to sell the rental property but were unable to get enough to pay off the mortgage.

We have been able to keep up with all of our minimum payments but my husband just got laid off and I'm sure we will be falling behind on our monthly bills soon.

We were advised to stop paying the rental property mortgage and let the bank forclose. We are also considering bankruptcy. I really do not want to give up but we are drowning in debt and don't even have enough money every month for groceries. Any help would be appreciated. Thanks

Resolved Question: How does one protect equity in home when divorced from husband who is on the mortgage and deed?

The wife pays the mortgage. Payments are always current. Divorced four years. House could sell for maybe 280,000.00 --- 160,000 left on mortgage. Thus there is equity.
Ex-husband filing bankruptcy. How does HIS bankruptcy effect the ex-wife's interest? Will she have to sell the house even though their three children live with her and she pays the mortgage, since his name is on the mortgage? (Husband about 70,000.00 in debt.) Hisname is NOT on the Deed - it was removed during the divorce. Sorry to mislead. But since he is on the mortgage he still has to list that debt on the bankruptcy petition. The question remains the same. Is the equity split in a bankruptcy if BOTH names are on the mortgage? In oher words, when he lists that debt is it still a liability? Or will the Trustee consider his part of the equity as an asset?

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Voting Question: in a divore what happens to the marital home?

My fiance is paying a mortgage on a unit. She has not been in the unit very long and has built up very little equity. We are planning to get married. She has talked about taking the equity out of the unit to pay her credit card debt so that she's not bringing that into our marriage. This means we would both be starting in the unit together from scratch. She has a child. We plan to live in the unit a year or two and madly save for a new place. When we do move, she wants to keep the unit and I can see this could be a good investment if we were careful about it. The problem I have is that she wants it to be just purely her investment. We both earn pretty much the same amount of money and I know that her committments to the unit will ultimately affect her financial resources on our other home. I would like it to be a true partnership and do it together and I've talked to her about this. She says that this 'irritates' her and that I am just wanting to get my own way. Please help Keep in mind that there will be zero equity in the unit. We will be starting from scratch together in this unit, each paying equally into the mortgage and expenses. I know she wants to protect herself and her child. I am a very good guy and just want an equal 50/50 relationship. I don't see how this can be something she does on her own when all the expenses will affect her ability to pay for things relating to our new family home. If I'm left paying more on our home while she's building a nice investment all of her own, how is this fair? If I'm willing to take on half the responsibility of all expenses relating to her daughter, including education, clothes, medical etc, then how is fair that we don't have the unit as an equal investment as a partnership when we would be starting from scratch?

The company she works for is undergoing a lot of changes and her job security is not good. If she was to lose that job and had to take a lower paying one for a while, then I would of course need to contribute for both properties but would not be benefiting at all from the unit. If I'm willing to take on half the responsibility of all expenses relating to her daughter, including education, clothes, medical etc, then how is fair that we don't have the unit as an equal investment as a partnership when we would be starting from scratch?

The company she works for is undergoing a lot of changes and her job security is not good. If she was to lose that job and had to take a lower paying one for a while, then I would of course need to contribute for both properties but would not be benefiting at all from the unit.

Voting Question: in a divore what happens to the marital home?

I have recently moved out of our home so she and our two year old can stay in the home temporary. I live with friends at this time and I am paying the mortgage in liue of child support. I do not want the home. I purchased it two years before I married my spouse. At this time, I have told my lawyer what I want done to the home. I have about $40,000 in equity minus what I put down on the home before I married her. I put down $9,0000 and by the time I refinanced the home with her name on the mortgage I had payed about two years of payments which after interest I had about $5,000 in equity. At this time, I just don't know what will happen. In the past, my wife has threatened to take everything and put me on the streets. She has told me she knows the law. I simply don't trust her and I am concerned I will not have enough money to survive and find a place of my own. She has told the neighbors horrible lies about me but I really don't care since there is no truth to the accusations. help

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Resolved Question: Does anyone understand Reverse Mortgage?

I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.

Resolved Question: If I were to emigrate to Sweden how would I go about getting a mortgage from over here to purchase a property?

I have always had self assessment mortgages as I am self employed and I have a house in England with some equity in it but not quite enough to purchase the type of house I would be looking for. Now I have a heavy mortgage over here but I im not sure if I could get a mortgage in Sweden being self employed etc.( I have some family in Sweden and my mum is Swedish and just getting her swedish nationality back because she has lived in England for many years.) Can anyone give me any advice please

Voting Question: Where can I find the formula & lookup table for a reverse mortgage? I want to build/code a reverse mtg calc.?

I find plenty of calculators, but I want to actually build my own so I can make it fancy with sliders to balance between lump-sum payout and monthly payments and equity line. Anyone know? Thanks much!

Resolved Question: How are fixed home equity loan rates determined?

I've noticed on historic charts that there doesn't seem to be any correlation between home equity loans and HELOCS or mortgage rates. I know HELOCs are usually based off of the prime rate, but what determines how fixed home equity loan rates fluctuate?

Resolved Question: Does anyone understand Reverse Mortgage?

I have only one daughter. I have an offer for $56,500 from a lender. I owe just the same amount. I refinanced twice, so no equity left in the house. The letter says I won't have to pay this back as long as I live in the house. What will happen when I die?

Technorati Tags: equity mortgage, Resolved, Question, Does, anyone, understand, Reverse, Mortgage

Resolved Question: what should i do about mortage??

I became disabled six years ago and am so much in debt with credit cards,secured loans and unsecured loans and bank overdraft.I have made an appointment to see the c.a.b next week.My wife and i just cant keep up with the upkeep of our property.If something goes wrong we just cant fix it and get very depressed.We have asked our housing association for help but they wont.They say they only deal with the rent.We have nine years left on our mortgage which was an endowment which i had to cancel as i couldnt afford.So we are never going to own our house and are considering bankrupcy?What would happen with the housing association and the other secured loans on our property?And what would happen to any equity from the sale of the house?

Resolved Question: what should i do about mortage??

i have lived in this house for 22 years. i am disabled my wife works. total income is $3400.00 a month. mortage is $1700.00 car payment 1 is $350.38 wife drives this car gets 36 miles to the gallon. car payment 2 is $309.77 van i use this to haul elect. wheelchair.elect. bill goes up and down $250.00.water bill $42.12.ins on car and van $129.52. phone and dsl $86.86. verizon cell phones 3 of them $131.19 cant cancel till oct. cable bill $61.06. american express $$143.00. mccoy visa $260.00. target visa $100.00 student loans defered till dec 2008 $260.37 total is $3574.27. now that dont include gas for car and van or FOOD.i have countywide for a mortgage company payments are up to date now .april is going to be late. what should i pay ??countywide will not do forebearance now. no equity in house about $65,000.00 up side down on mortgage. house is for sale owe $245,000.00.on market for 3 months.even if i dont pay cars and credit cards i am still in the hole. we lost some income... getting rid of car or van? wife has to get to work. me i have looked for job no one is hiring with my problems.cant sell them owe to much, return them to dealer,they go to auction and sell for alot less and still have to pay what is left over. have girl in high school and boy in tech. school the state is paying for him to go to school i take him to school and pick him up. have looked for someone that he goes to school with to take him no one lives close.phone i would love to turn it off but i cant. wife was told if i get hurt or something happens she could be put in jail for neglect thats florida .maybe i can get rid of dsl and set in a corner or i could vist my family in jail?? they are correction officers. food stamps make to much. any more suggestions?????

Technorati Tags: equity mortgage, Resolved, Question, what, should, about, mortage

Voting Question: To sell or not to sell - that is the question!!!!!?

I am about to refinance my primary house and I already have equity on this house. What I would like to know is can you take an equity loan and pay that towards the same house when I refinance. That way, I can have the interest deducted for both loans to a 100%.
The purpose is to bring down the long term mortgage payment down and I expect to pay the equity loan off in a year or two.

Voting Question: I have a mortgage and equity question regarding joint ownership.?

Me and my girlfriend are tired of throwing away money renting an apartment and have already been approved for a first time home buyer's mortgage for up to $130k. However, we are considering getting a condo for a lot less which would actually save us money as opposed to renting our apartment. We're already aware of the pluses and minuses to renting vs owning, but OUR MAIN HESITATION IS THAT WE ARE WONDERING WHAT HAPPENS IF WE GO INTO THIS AND LATER WE SPLIT UP? HOW WOULD OUR EQUITY BE DIVIDED EQUALLY IF THE OTHER PERSON DECIDES TO STAY? AND HOW DOES THE MORTGAGE WORK AFTER THAT? Thanks!

Voting Question: To sell or not to sell - that is the question!!!!!?

I own my own a leasehold apartment which I pay £550 a month for, which includes mortgage payments and a monthly maintence fee. My payments are so high because I have borrowed against my mortgage over the years (sigh)... I am struggling to keep up with these payments, so am considering selling up and renting a home instead (properties in my area are £350 per month)

Family and friends have advised that I am lucky to be on the property ladder and that I should just rent my apartment out instead. The problem is I can only get £350 a month for it - leaving me £200 out of pocket - which is why I am considering selling!! If I sold my apartment now, I would make a £10,000 profit. I would aslo run the risk of negative equity if I kept hold of it.

Any advise would be greatly appreciated!!

Technorati Tags: equity mortgage, Voting, Question, sell, not, sell, that, the, question

Voting Question: I want to sell my house yet continue to live in it for my life time. What is the name of this will?

I am considering using a fiancial advisor to re-assess our finances, in order to possibly consolidate our loans and maybe get some advise on re-financing our mortgage/getting an additional loan/home equity loan.
We bought a house about a year ago and we need some things fixed/improved around the house.

1) Would a financial advisor be able to steer us in the right direction (especially in regards to re-financing the mortgage and consolidating loans)
2) What do financial advisors usually charge? fee or commission?
3) Which charge is better fee or commission?
4) Would I be better off simply contactuing a bank or a mortgage company

Voting Question: Should I use a Financial advisor??

I am considering using a fiancial advisor to re-assess our finances, in order to possibly consolidate our loans and maybe get some advise on re-financing our mortgage/getting an additional loan/home equity loan.
We bought a house about a year ago and we need some things fixed/improved around the house.

1) Would a financial advisor be able to steer us in the right direction (especially in regards to re-financing the mortgage and consolidating loans)
2) What do financial advisors usually charge? fee or commission?
3) Which charge is better fee or commission?
4) Would I be better off simply contactuing a bank or a mortgage company

Resolved Question: I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?

I have $67,934 mortgage+ $22,000 home equity loan=$89,934.
I want to pay it off in 15-22 years.
My credit score is 707.
Where do I find a good deal?

Voting Question: I want to sell my house yet continue to live in it for my life time. What is the name of this will?

I want to get equity out of my home while I am living. The house is free and clear and has no mortgage on it. I wish to sell the house yet continue to live in it until my death, at which time the house will belong to the person or institution which gave me money for the house. What is this type of will called and who would I have to contact to make such an arrangement.
I believe this is called a "life time estate" but not sure. Where could I get more information?

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Voting Question: Equity in a home, can I.........?

I left my husband back in April last year in our matrimonial home which is in both of our names. We had a repossesion order for the house back in November as the payments ceased and to my knowledge the house got taken off my ex. He moved out at about the same time to his mothers with our daughter but has since left our child to go and live with his new girlfriend. The house had been empty since last year so I contacted my mortgage provider and they agreed if i wanted to try and take the house on I could (with my new partner) At first my ex husband agreed to sign it all over as its in negative equity anyway and we are even willing to take on the loans that are on the house. He is now being arkward and saying he will not sign the house over. Is there any way I could get his name off the house through the court and is it heard of that a mortgage provider will back me up in this as its in their best interests I keep the house on and be making payment for the next X amount of years? This house is in the UK. I am getting divorced from my ex at the moment so could this get dealt with through that? My ex has no interest in the house whatsoever he just tries to make my life difficult whenever he can. The house is also next door but one to my daughter which is another reason I want the house back as im tryng to build my relationship up with her again (my ex didnt let me see her) Would the courts be in favour of this?
My partner would not be able to afford to 'buy him out' so to speak either... Theres also no chance of me re-mortgageing either just to add...

Voting Question: Equity in a home, can I.........?

If I purchased a home with established equity in it, after the purchase could I take money from it to enhance the home or consolidate bills? Also would that money taken out of the equity have to be paid back immediately up front on at the end of the mortgage??

Technorati Tags: equity mortgage, Voting, Question, Equity, home, can

Resolved Question: Secured Loan... HELP!!!?

Back in 1993 when houses got upside down my friend had taken out the equity and went from a payment of 570 a month to 1800. He spent the money on improvements and his daughters weddings.
Guess what? His job didn't keep giving him raises and he couldn't make the payments and lost the house and his wife.
Whose fault was this?
Should all the taxpayers have bailed him out?

Resolved Question: Should we file Bankruptcy on home?

Ok we bought this house about 2 years ago. It is only 7 years old. We dont have any equity in it. In the past 4 months we notcied settlement cracks wall thats what we thought. We hired a company to check it out well the crawl space of the house is so full of moisture it as completely turned 1/3 of our support beams into card board. To fix all problems it will cost us 20 grand +. We have hired a lawyer to go after the builder but they filed bankruptcy and are no longer in buisness. There is mold covering everything under this house and we are looking for a different place to stay in. Our insurance company has fought with our lawyer and wont cover it because its the builders fault. My house is falling in literally and we are getting behind on our mortgage and we have to find somewhere else to live. We dont have the money to fix it and now we have to pay a lawyer. Our last resort is filing bankruptcy. Has anyone filed on a house before? We make less then the median income.

Resolved Question: Secured Loan... HELP!!!?

I have a substantial secured loan; but have no equity in my property;& have recently gone bankrupt...
I am still paying my mortgage but cannot make the full secured loan payments. If i propose to make a small payment each month is that acceptable; or will they still try to reposses my house.

Technorati Tags: equity mortgage, Resolved, Question, Secured, Loan, HELP

Open Question: How much time do you have before you must leave your home once in foreclosure?

I sure do.......Ive been active in real estate for 4 years, buying and selling land (not a realtor!), and making a gorgious profits off of it....of course I too have been affected, but I am still doing great here in California.....I am young though....and although I bought a home before the prices went through the roof.

I feel so bad for the people who were somewhat manipulated by the market..........and those that bought........a home...only to think that prices could never go back down...only up up up ...and now all that equity that they have put into their home the last few years...or with their adjustible mortgage rates who got into trouble...has all gone down the tubes because of the homes dropping values at close to 100 grand................anyways whats your opinion? I never discuss things like this people I know :P

Thanks for your 2 cents!!

Resolved Question: I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?

I want to refinance my ARM to a fixed rate mortgage, what are the steps to take?
I have $67,934 mortgage+ $22,000 home equity loan=$89,934.
I want to pay it off in 15-22 years.
My credit score is 707.
The house is worth only $75k now.
We want to stay in the house for at least 5 more years.
Where do I find a good deal?

Open Question: How much time do you have before you must leave your home once in foreclosure?

I live in Orange County, CA. I owe more then its worth and have no equity to work with. I have tried to refi it several times with no luck. I realized that this time next month, I will not be able to continue making payments ,however I am current. I cant rent it out becasue the mortgage is 2 times the what the rental would be. Once you hit 90 days late, how long will it be before a sherrifs knocks on my door to kick me out?

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Open Question: Home debt greater than equity for the first time since 1945?

If you are assigned as administrator of a house while it is in probate and are soppose to pay taxes, mortgage, etc, but do not. Will they foreclose on the house? Also what a happens to the remaining recipents that would get the house after probate? Is the equity of the house lost and therefore no one can inherit anything on it? Hope this makes some sort of sense. There is a lawyer involved, but just waiting to talk to her. Any direction is appreciated.

Open Question: Home debt greater than equity for the first time since 1945?

WASHINGTON (AP) — In a troubling report, the Federal Reserve said Americans' equity in their homes has fallen below 50% for the first time since 1945.

Home equity is the percentage of a home's market value minus mortgage-related debt.



The Fed's flow of funds report shows home equity slipped to a revised 49.6% in the second quarter 2007 and fell further, to 47.9%, in the fourth quarter. It marks the first time homeowners' debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

Does Bush still want to take credit for the "housing boom"?

Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm Bush took credit for the "housing boom". Now that boom is bust, do we let him have it both ways? Hey, I didn't say the housing boom or bust was his doing. I am just pointing out that he took credit for it while campaigning in 2004, and he made it worse by extending the problem to FHA.

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Open Question: Information about home forclosure????

In 2006 my husbands workers comp injury was finally over leaving us completely broke. We had cashed our all our retirements, sold all but one of our vehicles (which was paid off) so we filed for bankruptcy. We were only 2 months behind on our mortgage but we had a bunch of stupid $200-$500 credit cards maybe like 6 anyways that was the biggest reason why we filed because they were slapping $36 late fees then $39 over the limit fees on them every month. Anyways we thought we were doing great in the BK until Dec 06 when my husband shattered his hip and then we had another 2 months of payments slapped on. Then we continued to make payments now our mortgage since Oct of 06 has been at an adjustable rate bringing our payments up to $2750 per month of which only $2000 per month was being paid threw bk court. Now in Aug of 07 husband lost job so we filed again. Now our mortgage company says we owe $32K in back payments. This basically maxes out our equity. They wanted us to do a loan mod This loan mod would add the 32K to our principle and drop our payment to 2k per month but do we really want to keep the house with so many rentals on the market right now. Not to mention if we let them forclose we owe nothing & don't have to finish any of the unfinished projects. We have good employement now but they have increase our principle/payment so much I don't know if we will ever be able to finish all these projects started. Question: In ca how long can you stay in your home once forclosure starts? Also why would the mortgage company lower money owed for someone to buy the home and not to us so we can afford to stay in the home and finish fixing it up? If they would just let the past due go, do the loan modification for our principle of 251K instead of slapping the additional 32K on the end and put it at the fixed 8% like they want to do we could get back on the right track. It is all intrest it isn't cash out of there pocket! I figured if we just let them forclose we would walk away with close to 30K in our pocket if we stayed in the home for 6 -7 months. We are currently paying $2800 to the courts for them to make our house payment.

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Open Question: Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend's parents afterward. My father has been paying on the house each month ever since. My father does not live in the house -- nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he's been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he's not on the loan, his money has not built any equity for him and it'll be problematic pursuing any type of refinance. He's stubborn to foreclose or cut his ties to the house because he doesn't understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would've never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you're familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow -- my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he'd be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

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Open Question: What are the consequences of initiating a non-judical foreclosure on a cond that my husband and I own?

Considering ur fixed expenses (i.e. rent, mortgage, credit cards, etc) r u beginning to see urself living on a very strict budget?

Are most of ur friends and family in the same situation?

MUMBAI - As the number of U.S. home foreclosures rises inexorably, while the Japanese economy is slowing down, with confidence in company earnings falling in the wake of Nippon Steel (other-otc: NISTY - news - people )’s lowered earnings forecast Thursday, Asian investors had no shortage of reasons to dump stocks Friday.

Major Asian stock indexes dropped 3% Friday, following the Dow's 1.8% drop overnight on serial bad news suggesting that the U.S. property market is in critical condition.

Thornburg Mortgage (nyse: TMA - news - people ) disclosed Thursday that it was in default on $320 million in financing after being unable to satisfy a $28 million margin call. Meanwhile, a report from the Mortgage Bankers Association revealed that foreclosures hit an all-time high in the fourth quarter of 2007 and that U.S. homeowners collectively have less home equity than mortgage debt outstanding for the first time since 1945, when the Federal Reserve first began tracking such data. The real estate slump will doubtless aggravate the severity of the subprime meltdown, which has been traumatizing banks and securities firms around the globe.

Open Question: current on first mortgage, second is home equity loan. Any difference in foreclosure if late on home equity?

Resolved Question: I own my home.My partner still owns a home with his ex wife. We want to buy together??

My partner says that the home that he owns with his wife should not even come into the equation when looking to buy a home with me. I own my own home and live with my 20 year old son who is at university/ and have 80k equity. My partner has 150k shared equity with his ex wife. He is paying the mortgage and most of her bills as maintainance for his 10 year old son. He is currently renting a house nearby. We are talking about moving in together, or buying a house but he wont consider using his own equity to move in. My home will belong to my son when I die. Help

Open Question: What are the consequences of initiating a non-judical foreclosure on a cond that my husband and I own?

My husband and I recently moved to FL because my husband found a job here and I always wanted to live here. The problem is that we purchased a Villa here and we still own a condo in VA. We are barely making ends meet right now and his company is now talking about downsizing. We cannot refinance because we have no equity in the home . We cant seem to get any good info on the short sale and are thinking of going with non-judical foreclosure. Do we have to be behind on payments to do this? Can the Mortgage Co legally place a lein on our current property or garnish either of our wages if the property sells for less than what is owed which we know it will.

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Open Question: *Parents Too Dependant? What Now?!*?

My partner has asked me to move in with her and her son. My partner owns her property and her son is 18 at university but lives with her. I have a 10 year old boy who lives with my ex wife in the former matrimonial home. My son stays with me in my rented accommodation twice a week. I have offered to move in with my partner on the following basis. I have asked her to value her house at today’s current market value and said that the difference between her outstanding mortgage and current market value would become the realised equity on paper to be used if we were to either part in the future or for her son in the event that she should die before me. If either of these events occurs I have agreed to revalue the house (at the time of any such event) and would deduct the value of the outstanding mortgage (again at the time of any such event) plus the equity of her property (as of today’s market value) then what is left would be split 50/50. I am willing to have this drawn up legally but she says this is not fair and that before I move in I should put up the equivalent value of the equity she has in her property into a buy to let property for her son to secure his future interest in her property. She then says that her current property should be split 50/50 as described above and the buy to let property would remain as her son’s property. She says I should force my ex wife to sell the former matrimonial home to take out the equity to use for her son. I put my share of that equity into a trust for my 10 year old son. Having read some of your valued responses I would like to add the following. It would be my intention to pay at least half of the mortgage and household bills from day one, if not more given I earn more than my partner, and contribute equally to the home. The property is in need of a lot of repairs and again I am willing to contribute effort and finances on that front. I have asked my partner to buy a new house with me and rent out her own property so she has an asset for her own son but she does not want to do so. My question is what do you think is fair.

Open Question: *Parents Too Dependant? What Now?!*?

Me & my brother believe that our parents have come completely dependant on us which is why we are worried.
We've always been provided with the bare minimum and became independant finacially around the age of 16. Since then we've been paying rent. We were given absolutely no help to fund our education as our parents claimed they could not spare a dime for us. So now we are living with our parents, and the situation has become riduculous, it seems as more time goes on, they become more dependant on me and my brother. We have a hard enough time paying school and bills, taking care of ourselves, and we were lucky enough to recently land some decent jobs.. Now we are paying their mortgage plus all their bills, including, food, elec, water, even my father's car payment, and equity loan they have on the property.
Me and my brother can't see an end to this as my mother & father make little money. We have considered moving out but then who pays their bills?! we certainly can't forever........

Technorati Tags: equity mortgage, Open, Question, *Parents, Too, Dependant, What, Now

Open Question: Question for bankers with knowledge of home equity loans?

I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.

Technorati Tags: equity mortgage, Open, Question, Question, for, bankers, with, knowledge, home, equity, loans

Open Question: PARENTS TOO DEPENDANT!!!!!! HELP! What Should We Do Now?!?

I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.

Open Question: PARENTS TOO DEPENDANT!!!!!! HELP! What Should We Do Now?!?

Me & my brother believe that our parents are completely dependant on us which is why we are worried.
We've always been provided with the bare minimum and became independant finacially around the age of 16. Since then we've been paying rent. We were given absolutely no help to fund our education as our parents claimed they could not spare a dime for us. So now we are living with our parents, and the situation has become riduculous, it seems as more time goes on, they become more dependant on us both. We have a hard enough time paying for school and bills, taking care of ourselves, and we were lucky enough to recently land some decent jobs!! We have been paying their mortgage plus all their bills, including, food, elec, water, even my father's car payment, and equity loan they have on the property!
Me and my brother can't see an end to this as my mother & father make little or no money. We have considered moving out but then who pays all their bills?! we certainly can't forever........

Technorati Tags: equity mortgage, Open, Question, PARENTS, TOO, DEPENDANT, HELP, What, Should, Now