Previously I was considering bankruptcy, but now I'm considering selling my house. My fiancee has left, I have $50k in CC debt, student loans, and a mortgage that is under water by $15-25K. Renting it out will only cover 2/3 of the mortgage/taxes/ins., and nowhere to live. I'm thinking about selling it, but what happens if I sell for less than I owe? Also, I'd be responsible for the realtor's fee (4-6%= appx. $20-25K). Add those together, and it's 30k to 50k to SELL my house and get out from under the mortgage. What happens to the balance that I would owe? Thanks!
posted by antipode12 on Dec 21, 2009 - 11 answers

Are there any downsides to a HARP (Home Affordable Refinance Program [pdf]) refinance? My wife & I are employed and not behind on our mortgage, but this seems like an awfully good deal. [more inside]
posted by morganw on Dec 11, 2009 - 1 answer

So I've paid off my mortgage, almost. What happens now? [more inside]
posted by buxtonbluecat on Dec 11, 2009 - 8 answers

Title of bank accounts were switched on mortgage disclosure. We were approved with conditions today. Could I be denied a mortgage for this or is this something easy to fix? [more inside]
posted by grablife365 on Dec 8, 2009 - 3 answers

Help! -- My credit debt is nearly $50,000, my mortgage is upside down by 25% and my fiancee walked out the door a month ago. I can't make my bills. I'm trying to sort out which route to go with the credit cards. A service like CCCS? Or some other route like Credit Elimination? Please help me understand this. Thanks
posted by antipode12 on Dec 6, 2009 - 26 answers

Share with me your Canadian mortgage knowledge! [more inside]
posted by Meagan on Dec 4, 2009 - 20 answers

Caught between a potentially troublesome mortgage and a bad job. How should I proceed? [more inside]
posted by anonymous on Dec 1, 2009 - 6 answers

I'm looking to buy a home, am I ready to finance this? [more inside]
posted by anonymous on Nov 29, 2009 - 15 answers

How can we deal with Fannie Mae/Freddie Mac's rule that, for new mortgages or refinancing in condo buildings with fewer than ten units, one person may not own two or more units if those units are rented out? [more inside]
posted by kim in chicago on Nov 23, 2009 - 4 answers

Should they pay down their mortgage? [more inside]
posted by acoutu on Nov 13, 2009 - 18 answers

How exactly does one negotiate a lower rate on a (new) mortgage? [more inside]
posted by kitty teeth on Nov 12, 2009 - 8 answers

Eviction UK - what does a 're-entry' hearing involve? Please help! [more inside]
posted by Flitcraft on Nov 10, 2009 - 7 answers

Please explain reverse mortgages to someone who isn't all that savvy about mortgages and property. [more inside]
posted by doubtful_guest on Nov 10, 2009 - 12 answers

I signed up for a "pay half your mortgage twice a month" thing and now Mortgage Electronic Registration Systems (MERS) is a little too involved for my liking. Help me leave them. [more inside]
posted by jragon on Nov 8, 2009 - 8 answers

[RefiFilter]: I'm applying for a re-fi on my condo, and just got a HORRIBLE appraisal. Like, so horrible the mortgage broker AND the underwriter of the loan both are scratching their heads. Short question: do I dispute, or suck it up and blow another $500 in hopes of getting a more realistic appraisal? [more inside]
posted by tristeza on Nov 6, 2009 - 5 answers

I'd like to buy a place in America. I'd also like to buy a place in Hungary. I've got enough for a 20% down payment on both. I've also been told that I would qualify for a loan for a place (in America) equal to what the cost of the *two* places would, in actuality, be. I would have no problem affording both - I live on about 25% of my net income and have not a penny of debt, even if the mortgages would be equal to the upper end of what I might qualify for - so I'm not worried about that. But does the fact that I'd be buying *two* places, in two different countries, affect the situation? [more inside]
posted by Dee Xtrovert on Nov 1, 2009 - 2 answers

Is this a mortgage scam? [more inside]
posted by n'muakolo on Oct 28, 2009 - 10 answers

I'm eight years into a 30 year mortgage, having paid off about 10% of the total amount of the original loan. Does it make sense to refinance now if I can get a rate that is about 5/8 of a point lower than my current rate? This would shave about $250 off of my monthly payments. But then I'll still be paying for this loan for eight additional years after the original one would have been paid off, right? How do I calculate how much additional $$ I'll owe overall, and how do I decide whether paying more later is worth saving money now?
posted by ericbop on Oct 26, 2009 - 16 answers

How much is reasonable (if anything) to pay to a lender for a mortgage application fee? [more inside]
posted by mockjovial on Oct 22, 2009 - 15 answers

Someone I know wants to find a job as the person who is portrays themselves as seeking housing or employment, and is either preferred or discriminated against because of their race, sex, age, etc. [more inside]
posted by CollectiveMind on Oct 15, 2009 - 7 answers

You're not my lawyer, but when getting a divorce, how does a house with an underwater mortgage count toward dividing assets? [more inside]
posted by cnc on Oct 11, 2009 - 11 answers

Finally getting ready to start house shopping and planning soon. I have two questions: is the total monthly mortgage payment really 1% of the costs and how crazy am I for wanting to try for a house in this range? [more inside]
posted by grablife365 on Oct 1, 2009 - 27 answers

How flexible is a mortgage lender likely to be on the mortgage for a second home that looks like an investment property? [more inside]
posted by anonymous on Sep 24, 2009 - 1 answer

Probate/mortgage/house question. You are not my lawyer, just looking for a general sense of how this will work. I am on the deed of my mother's house. She is dying of cancer. I am not on the mortgage, which is for about 90% of the home's value. When she dies, what will happen? I cannot afford to pay the mortgage prior to selling the home unless I rent out the property, which I don't want to do (would prefer to sell). [more inside]
posted by anonymous on Sep 24, 2009 - 9 answers

What strategies would you recommend in selecting a lender and negotiating lending fees for a first-time home purchase? (Purchase is in rural Oregon). [more inside]
posted by Happydaz on Sep 23, 2009 - 5 answers

If I move for 6 months to a year, what do I do with my condo? [more inside]
posted by milinar on Sep 21, 2009 - 9 answers

Can we afford this house in California (just an example)? What "rules of thumb" or other measures should I use to determine what is "affordable"? [more inside]
posted by anonymous on Sep 20, 2009 - 17 answers

Can I get a loan or mortgage in any way? We currently live in a building that we more or less own. Technically, we own an LLC, and the LLC owns the building (and that's all it does), so home equity is probably out. We would like to buy a new house about half the value of this one, preferably without selling. However, that would require a loan, and we have lousy credit. [more inside]
posted by lgyre on Sep 17, 2009 - 8 answers

Does anyone have any experience with Quicken Loans for mortgage or re-fi; specifically, with the supposed "go with us and never pay closing costs again to re-fi or get another mortgage" policy? [more inside]
posted by tristeza on Sep 10, 2009 - 3 answers

Use cash to start a business or for a down payment on a home. [more inside]
posted by mintchip on Sep 1, 2009 - 10 answers

House Mortgage-filter: FHA vs. Conventional 95% (LTV) Mortgage? Found a calculator, but it's limited and we're seeking hive mind wisdom instead. [more inside]
posted by unclezeb on Aug 26, 2009 - 7 answers

Mortgage switcharoo: My lender just went bankrupt and we haven't been able to pay the August mortgage. There's an additional wrinkle with an escrow account for taxes. What do I do? (lots of detail inside) [more inside]
posted by gofargogo on Aug 25, 2009 - 13 answers

Is filing too many claims always a death knell for your insurance? [more inside]
posted by anonymous on Aug 18, 2009 - 6 answers

I've got some doubts about our current SoCal real estate agent. At first, there didn't seem to be a problem. But recent events have made me wonder if we're wasting his time. [more inside]
posted by anonymous on Aug 8, 2009 - 15 answers

How do I remove myself from a mortgage? [more inside]
posted by anonymous on Aug 3, 2009 - 16 answers

How hard is it for average folks to get a home mortgage in the US right now? [more inside]
posted by crapmatic on Jul 20, 2009 - 15 answers

Tips on getting a mortgage in Austria? [more inside]
posted by devnull on Jul 16, 2009 - 0 answers

I'm a landlord who's completely underwater in her mortgage, has a job but just received a pay cut, and has tenants but the rent doesn't cover the mortgage payment. Can I get help even though it's no longer my primary residence? Or will I have to become another statistic and go into foreclosure? [more inside]
posted by karmagirl on Jul 12, 2009 - 16 answers

Surprise credit denial... of 4 cited reasons, two do not seem possible. Trying to rule out possibilities before I conclude there has been identity theft. So: can anything else be termed "mortgage" besides a home loan? What about "current credit card accounts?" [more inside]
posted by lily_bart on Jul 6, 2009 - 10 answers

What do you wish you would have known before you sold your house? [more inside]
posted by Twicketface on Jul 6, 2009 - 18 answers

I need to transfer a large some of money from a relative's bank account to my account at a different bank as fast as possible - how? [more inside]
posted by Eggbert42 on Jul 6, 2009 - 29 answers

My fiancee and I recently applied for a mortgage on a $200k property in Portland, OR. We have a lot of assets (at least I think so), but were denied for a mortgage loan where we would have put 20% down. Why, and what can we do about it? [more inside]
posted by anonymous on Jul 5, 2009 - 18 answers

MERS mortgage avoidance: huh? [more inside]
posted by maxwelton on Jun 30, 2009 - 6 answers

As an unmarried couple trying to buy a condo, the lender seems to have an issue with my boyfriend contributing the down payment, as it is only me on the mortgage. [more inside]
posted by akephalos on Jun 29, 2009 - 20 answers

How do we arrange financing to buy an apartment in Paris or London? [more inside]
posted by jchaw on Jun 29, 2009 - 5 answers

Generally good with numbers; but mortgage refinance has my head spinning. [more inside]
posted by anonymous on Jun 24, 2009 - 6 answers

Should I pay off my car loan before getting a mortgage, or use that money for down payment? [more inside]
posted by zavulon on Jun 23, 2009 - 10 answers

Will taking a short sabbatical (2-3 months) be a major problem when applying for a mortgage? [more inside]
posted by mzanatta on Jun 23, 2009 - 6 answers

Mortgage payoff/refi and lien removal process. DIY or Virgin Money. What do I need to know? [more inside]
posted by powpow on Jun 10, 2009 - 3 answers

I am in the process of refinancing the mortgage on my home. My lender wants to blow up the deal at the last minute. 1) Why? 2) What are my options? [more inside]
posted by genug on Jun 9, 2009 - 13 answers