Your Questions About Check My Mortgage Repayments

Nancy asks…

can i check to see if a property has a mortgage on it?

Hi,

I wondered if someone could help me, im 22 have recent fallen out with my mother due to a number of reasons im not living on my own, i currently own a 25% share in my family home, my sister owns 25% also and my mother the remaining 50% this was the agreement that was drawn up upon my fathers death three years ago. Im a little concerned though. The mortgage on the house was paid off by his life insurance, ive since learned that my mother has gotten herself into alot of debt which she has no way of paying back and she has applied to remorgage the house to met the debt which im told she could easily do due to the amount of equity she holds in the property.

I have a few questions

1. can see take out a mortgage on a house that she does not fully own with out the consent of the other owners?

2. Ive not heard anything from a bank asking for my permission etc, my mother has in the past forged my father signature to applied for loans, im really scared she may do this to me, is there anyway i can check to see if a mortgage has been taken out against the house?

3. if this is the case will my share of the house be lost, as she will not be able to meet the repayments.

4. is there anyway i can force her to sell the house so i can take what has been left to me and move on with my life.

any help would be great, i was only 18 when my father passed away and at the time did not understand exactly what i was entitled to, this whole situation is really stressing me out.

many thanks

admin answers:

In this situation, you need legal from a solicitor.

George asks…

mortgage calculator question?

I want to calculate what I would save by repaying a quarter of my monthly mortgage repayment every week instead. Anybody know of a suitable online calculator I could use? Any I have checked only allow for varying monthly repayments. Ideally, I would like one that shows the figures for potential savings. Thank you.

admin answers:

I am sure that you have tried the one at bankrate.com
http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
That is the best I have seen for what you a trying to do, yet still won’t do it.

Perhaps you can look up the formula for mortgage repayment by googling
Ex: Mortgage Amortization Schedule .xls (if you have excell)
With a spreadsheet you could customize it to the way you want.

What you could do instead:
Pay the mortgage monthly right after the closing date.
A full month ahead. This way you will save in interest for the whole month.

Lizzie asks…

If you have a binding memorandum of settlement can a person change there mind later?

My mother used my soc sec checks to make mortgage payment and her down payment the money is being refunded to her in a settlement but its my money. My mother signed a memorandum of settlemement for repayment that had the wording that its binding but her attorney wont honor it.

admin answers:

If you’re talking about a closing, a closing does not allow for funds to issued to any individual – only business involved in the transaction. I know you were depending on the funds from the loan to go towards paying off the debt to you, but unfortunately, you will have to create a separate agreement with your mother.

Helen asks…

Using a loan for a deposit for a house…?

My partner and I want to buy our first house. We do not have a deposit as we are paying through the nose for our rent. We have worked out that if we took out a loan for the amount required for a deposit, the monthly repayments, plus the repayments on the house (checked via a mortgage calculator) would still be significantly under the amount we are paying for rent. Providing we are accepted for the loan and mortgage, I can’t see this being a problem? I have read that this is a silly thing to due because of the repayments and not being able to afford both, but if we can, there are no problems surely? Have you done this or have any reason that it shouldn’t be done? Thanks for any advice.

admin answers:

What you say looks all right, BUT !! For gods sake read the small print on your loan. Are you insured against loss of income ? Through sickness , injury job loss. Are the interest payments at a fixed rate for x number of years, for loan and mortgage. Be VERY care full the media is full of people who came a cropper by not reading the small print on any transaction Good Luck.

Richard asks…

Chase mortgage loan repayment program or late pay?

I have a mortgage through Chase that I am currently behind on (45days) due to a severe pay cut at work. I called Chase to see what my options were for trying to get caught up (hoping I could post-date a check, pay partial etc…) when they told me my only option was foreclosure or a “loan repayment program.” This program will allow me to skip my mortgage for last month and then would increase my mortgage by $150 for the next nine months until the difference is paid. But the whole time my credit will show default.
What is the benefit in enrolling in this program versus skipping last month and paying additional $150 for the next nine months without enrolling? I just don’t see the point if my credit will show default either way. Any advise is appreciated.
So, showing default and being passed due are two different things? Because the rep. said I would still show default on my credit for the 9 months even with entering the program.

admin answers:

The difference is only the length of time your credit score will be affected.

If you take program your past due mark on credit report will stop immediately. Your credit report will no longer show you are past due on mortgage loan.

If you go the other way your credit report will show you are delinquent on your mortgage loan for another 9 months. This will take longer for your credit score to recover.

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