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Tag Archives: mortgage

My Mortgage Left Chicago on a Train at 9 AM Going 52 MPH. – Rick

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Rick “Dear Steve, Bought a house for 325k, four years ago on an interest only arm loan of 256K, as well as a second mortgage for balance to avoid PMI (this second seems untraditional as it has a balloon payment of 45k due in 2020). This loan is a non Fanny Mae or Sally Mae loan, so we do not ... Read More »

    What Would Happen if I Got a Mortgage With My Bad Credit Boyfriend? – Shelly

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    “Dear Steve, I am thinking of getting a VA Loan. I would be buying the house with my boyfriend. I have great credit (780) but his is low, and has 2 foreclosures. I don’t feel I have enough income to only use mine. I’m tired of renting and have done it my whole life, I’m 35. Any advice you could ... Read More »

      Mortgage Company Won’t Modify Loan Because it is an FHA. – Debora

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      Debora “Dear Steve, In January I lost my job. My husbands hours were cut. We have fallen behind on all of our bills including our mortgage. I have tried to refinance so that we can save our house but our home value came back at less then what we owe so that was not an option. I am not looking ... Read More »

        My Second Mortgage Loan Was Charged Off. Do I Need to Worry About It? – Michelle

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        I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve Michelle “Dear Steve, I have a 1st and 2nd on my home. The first loan with Chase is 315K and was modified from 7.25 to 4.25. I have since lost my ... Read More »

          Should We Pay Off Our Mortgage? – Andy

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          Andy “Dear Steve, I am 62 years old and had planed to retire in 3 – 3 1/2 years. With the ecomonic problems today my wife and I are thinking aobut taking $29000.00 out of my 401K and pay off our mortgage. I am still employed but things have really slowed down. So don’t know what year end will bring. ... Read More »

            We Can’t Afford Our Mortgage and Bank of America Said They Can’t Help. – Anne

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            “Dear Steve, My husband and I purchased our first home 2 years ago for $745k and put down 20%. The current balance on the loan is about $550k, and our interest rate is 6.875%. Our payments are $3800 per month. We just lost our business that provide about 50% of our income. Because of this we cannot afford our mortgage ... Read More »

              Banks, Wall Street, and Mortgage Companies Screwed Consumers And Now Want to Leave You Hanging

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              I just watched the CNBC special “House of Cards” about the inside of the mortgage industry, rating agencies and the Wall Street banks that pumped loans to consumers that they knew people could not afford. And now that we are faced with a national foreclosure crisis, the very same banks and lenders now won’t workout arrangements to allow people to ... Read More »

                Mortgage, Bankruptcy, Nonsense

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                Not that long ago I wrote again about the pleas from banking to not allow bankruptcy judges the authority to modify mortgages, in limited situations, to allow people to stay in their homes and avoid foreclosure. See “Mortgage Bankers Association. A Bunch of Whiny Bitches?“. Today an article in the Wall Street Journal has got me going again. Todd Zywicki ... Read More »

                  Our Monthly Income Has Dropped From 10K to 3K, Now What? – Maria

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                  “Dear Steve, I have over 30k in card debt 2 mortgages 200 k and 70k with a balloon mortgage due in 04/10 on the 70 k our per month income has dropped from 10k to 3k Now what? help!!!!!!!!!!!!!!!!!! Maria” The Answer   Dear Maria, With a big drop in income I can’t imagine how you would be able to ... Read More »

                    Bob Is Underwater And Drowning, In Debt

                    Drowning in Debt

                    “Dear Steve, Can I ask for your advice since I’m so overwhelmed with debt. I have 4 credit cards with approximately $48,000 in balance. I’m only paying the minimum amount due per month because that’s all I can afford considering the other expenses I need to pay (mortgage, car loan bills, etc). Most of the debt here were house related ... Read More »

                      Janet Is In Trouble. She Says “I’ll Be Out Of Money Soon. What Should I Do?”

                      “Dear Steve, I bought my first home, moving from Pennsylvania to Florida, the only place I knew all my life, following the death of my beloved mother. I was able to put a down payment on a house in a beautiful community in Florida, & live rather cheaply as compared to Pennsylvania. Unfortunately, the job market has not been kind ... Read More »

                        David Writes In “I’m About To Lose My House”

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                        David wrote to me at and asked me for help with his debt situation. If you have a question, you can ask me for free help and advice also. “Dear Steve, I accepted a job in Seattle. My wife and family and home are still in Idaho. My wife is on a fixed income, and we have been hanging ... Read More »

                          Karen Writes In “Ex-Husband Isn’t Paying The Bills and He’s Trashed My Credit. What Can I Do to Repair It?”

                          Ready to Collapse

                          “Dear Steve, I have been divorced for one year. Our house was in my name and husbands. He never refnanced or sold the home. His late payments have started to ruin my credit report and credit score. Now it look as if the bank will foreclose. How can I repair my credit and how long will it take me? Karen” ... Read More »

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