Is there any problem with paying my mortgage in daily auto payments from my checking to drop my principal fast
I’m currently paying about $1500/mo and am thinking of paying about $50/day auto payment from my online bill pay. I have no early repayment fees or stipulations (that I know of) and paying like this would drive my princaple down faster in the longrun. (thanks!)
I would go for it!!!
I am not sure about other companies but the only limit mine has it one transaction per day!!
Changing names on a mortgage?
need some help off you kind people………… here goes, my partner currently has a mortgage with his ex partner, she no longer lives there,. Me and my partner are living there and I contribute to all the bills ect. Hi ex partner no longer wants to be on the mortgage, I am more than happy to take her place on the mortgage and she is happy for me to do this (she is getting married in 4 weeks time not sure if this will affect anything) The house is currently in negative equity and is interest only, we have been told by the mortgage company if I am successful the mortgage will aromatically change to repayment, this is fine because this was our original plan. We have the forms to fill in for the credit check ect. My question is, what would effect me going on the mortgage? I have no debt at all not paying any loans, credit cards ect off. And if I can not replace her, can she force my current partner to sell. I know she is desperate to come off the mortgage I am just worried about what she could do if I can not replace her. Nice answers only please 🙂
You and your partner would have to call the mortgage company and request an assumption of mortgage package.
In order for this to work and approved you would have to qualify with income, credit check and credit scores.
She could go to court and get a partition forcing the property to be sold.A judge would have to sign the approval of the forced sale.
Approval or denial is in the hand of the mortgage company.
I hope this has been of some benefit to you, good luck.
Will I get a mortgage? Right to buy…?
Me and my partner are wanting to purchase my Mums council house which is so far going well, the surveyor has been out ad is in the process of working out the valuation although he did say when he was at the house he would estimate between 90-95k (but we cant take this as stone) Now the problem is what we were going to do is borrow the whole 100% and build an extension on the side of the house for me and my partner to live in, but the discount my Mum gets is 26k and that is not enough to cover the extension. Living with my Mum is out odf the question! So what we have come up with is that me and my partner borrow the whole say 95k take away the 26k paying the council 69k for the house then use that 26k to buy ourselves a mibile home to live in. Would a mortgage lender allow this? We have been told a mortgage lender doent care where the money goes as loing as they know they will be getting there monthly repayments monthly and that we can afford those payments, but I am just checking.Thanx
I think its a very good idea. Obviously we would have to sort out the deeds with a solicitor so say if we did die beofre my Mum then the house would go to her…
Where is the minefield in the situation? Buy another property of the same spec my Mums is would cost us over £130,000 hmmm unaffordable in our case…
A mortgage lender will only lend up to 100% of the price of the property AFTER the discount, ie. £69k. They will not lend more than this because the council will still hold a financial interest in the property for a period of time after purchase (when you cannot sell the property without having to repay some of the discount to the council). Contrary to what someone has said, the lender DOES care where the money is going or what it is used for as it alters the level of risk to them.
You would have to raise the money for the mortgage of £69k only and then after the purchase you could try to apply for an unsured lan for the additional monies needed for an extension. However, as a previous person said, if living with your mum is out of the question then the property purchase is probably not the best way to go for either parties. From her point of view, you will be the legal owner of the property and she could feel insecure as you would have rights over the property. Also, she would have rights as a tenant that mean that you could not sell the property from underneath her without her permission so when you want to move to somewhere bigger you would be restricted.
I would suggest you look into shared ownership schemes instead. Under these you buy up to 75% of a property with the additional part being owned by a Housing Association. At a later date you can normally buy the additional portion once you can afford it. Search for housing associations or your local council might be able to point you in the right direction.
CHECK MY ANSWERS(10 MULT. CHOICE) CONSUMER MATH?
ALL MY ANSWERS HAVE ***** NEXT TO THEM. I’M NOT TO SURE(ESPECIALLY NUMBERS 3 THROUGH 7) AND JUST WANT TO DOUBLE CHECK. THANKS ( :
1. Which item cannot be used to secure a debt? (1 point)
2. Which type of debt is secure? (1 point)
personal line of credit
revolving credit line
3. Secured debt usually has _____. (1 point)
longer loan terms
lower interest rates
all of the above******
4. A _____ is not an example of collateral. (1 point)
high-value record collection
5. When you agree to pay a car dealer for the use of a new car during a set period of time for a set amount of money and you have to return it at the end of that period of time, you are _____. (1 point)
6. If you put a down payment on a house of less than 20% of its value, you typically have to pay _____. (1 point)
higher interest rates
7. There is typically a significant difference in loan interest rates between _______. (1 point)
new cars and used cars
used cars and refinanced cars******
new cars and refinanced cars
There is no significant difference in loan interest rates.
8. The original loan amount is referred to as the ____. (1 point)
interest deferred amount
9. Lenders rely on credit scores to determine _____. (1 point)
loan repayment length
all terms of a loan
10. Interest begins accruing the date of the transaction except for _____. (1 point)
credit card purchases
credit card cash advances******
They are all right IMO
1099-A or 1099-C for mortgage debt discharged in Chapter 7 Bankruptcy?
Our chapter 7 bankruptcy was discharged in Feb06. We had the original intent of reaffirming our mortgage loan and even signed the form to do so; however, Wells Fargo never took us up on our reaffirmation offer for some strange reason, and our attorney let that fact slip by. Therefore, we were not legally responsible for this mtg loan any longer. When Wells Fargo refused to show on our credit report that we had been paying them faithfully, we got fed up with them and told them they could have their house back in Jan08. I mean, how stupid of them to not take us up on our reaffirmation request anyway! My main question is this… Wells Fargo sent us a 1099-A form instead of a 1099-C. Is this correct? I have been trying to research it a bit, and I understand that the 1099-A form is usually used in abandonment cases, which we essentially did end up doing. However, I was thinking we would’ve received a 1099-C instead of the 1099-A since it was a discharged debt in our Ch 7 bankruptcy. ??
If the 1099-A form is the correct form, are we protected by this new Mortgage Relief Act? Here’s the info from my 1099-A form:
Principal outstanding $76,396.22; FMV $65,450.00; Was borrower personally liable for repayment of this debt? “Yes” (how can this be “yes” when it was discharged in our BK-7?!) With this info., what needs to be done on our income taxes this year? Which discharge box w/b the correct one to check on the 982 form in our case?
Sorry about the tons of questions, but Wells Fargo just seems to try to jerk us around at every turn, no matter how hard we tried to work things out with them. They’ve got my “dander” up. Thank you!
We signed a reaffirmation form w/ our attorney that they sent to Wells Fargo during the beginning stages of our BK-7 filing. Wells Fargo never responded to that form, thus not taking us up on our reaffirmation offer. Our loan w/ them even shows up on our credit report as “Discharged in Ch. 7 Bankruptcy”. The reaffirmation definitely never happened. And Wells Fargo’s “tax team” is trying to say that the 1099-A form is the correct form because of the fact that we abandoned the property. I am so tired of Wells Fargo’s bullying me on this that I feel like trying to sue them over the whole issue. Just another tidbit that our BK atty brought up– when the foreclosure was filed, an “in rem” judgment is what was filed, which tells her also that we should not have been mailed any sort of 1099 form from Wells Fargo.
If you surrendered the home in bankruptcy you should not receive either of those forms (although some banks send them out anyway). You do NOT owe any taxes on, and do NOT need to file form 1099-C if your debt or deficiency was discharged in bankruptcy.
If, on the other hand, you actually DID reaffirm and THEN surrendered the house, you may owe taxes on the cancellation of debt. This should have been reported on form 1099-C.
I cannot tell from your question whether you actually reaffirmed or not. It sounds like you did. Usually the bank sends the reaffirmation agreement to your attorney, your attorney reviews it and gives it to you, you sign it and either you or your attorney sends it back to the bank. If all these things happened, you did reaffirm and you are liable for taxes on the canceled portion of the debt.
You need to see a tax professional with experience in handling bankruptcy discharges and debt cancellations for accurate individual advice about your particular situation.
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