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I own my home free and clear and can not make payments on a unsecured loan. Can my house be taken as pay ment or can i be forced to sell it to repay the loan?

No an unsecured loan means just that. There is no collateral attached to the loan. Your house is safe. However, your credit will be destroyed if you allow the loan to fall into bad debt. If you can’t pay the loan, call the creditor and they may allow you to make interest payments only. At any rate, deal with the creditor in good faith. Just don’t sit there and not pay the loan. If they gave you the loan unsecured that means the creditor determined that you have the means and history to pay this loan. So, get on the phone and off the internet and deal with the creditor in good faith.

our marrage is over and we need to part

tell him you are out. but keep up your end of the bargain for 12 more months. put the house up for sale, get a hold of what can be cancelled and what you cannot live without, like the utility, grocery, car payment. when the house does not sell after 12 months, (because i already know it wont) then walk.

Read in the local paper a about a person in prision getting a home loan while serving time. Explain, is this possible for a lender to do, or a lender willing to lend money if they know the person generates the income behind thru stock, or own a legal business runs it from the jail cell. Give me your take is it legal????
This is legal for a person in prision to get access to a home loan??? Even if the person is serving more than 10 years

Yes, a person in prison can get a mortgage on a home. The reason is credit history prior to prison. Being in prison by itself is not a negative thing regarding credit. However coupled with poor history priot to will make a lender see you as a much higher risk. Remember, it is not you that represents the money involved, but the real estate property. They evaluate you on your ability to repay the loan. They know if you default, they can repossess and sell the property to recover their investment, wich means time and effort on their part which will reduce their return on their inventment in you, so it comes down to you and how well you are evaluated as a risk for repayment if they make a loan to you. They make their profit on you repaying the loan over time, from the interest. It is in their best interest to get the most profit if you pay the loan in full as scheduled. Anything else, and they get less of a return, say if you pay off early or default and they have to sell the property. If you have a business or something which generates legitimate income suificient to make the monthly payments they will require plus taxes and insurance, then there is no reason NOT to loan you the money and if they refuse you credit, you can take them to court on descrimination grounds. They may, because you are a lawbreaker, charge higher than the market rate in interest because you would be in their opinion, a higher risk than an average employee of a company. That all being said, there is nothing to stop them from seeing a person in prison as a bad risk since they broke the law once, so what stops them from doing it again, so your rating goes down on a subjective point and you would get a much higer interest rate for being higher risk.

Bottom line, yes you can get a mortgage even if you are in prison, it just may be much harder and cost more in a higher interest rate than the average joe with no bad credit history.

I am not a lawyer. I am not a banker. I am only giving you my opinion based on my expereince with my own mortgage being in the military, which is kind of like prson in that military and single is a very high risk category which I equate with that of a prisoner.

how much would a mortage cost for a $ 179,900 home if your interest is 6% and u put down 15,000 down payment

$988.66

well….i work at the 2nd largest credit union in the USA, State Employees’ Credit Union in NC. Here’s a little info.:
Check with your financial institution and see what the rates are. HINT: Credit unions are your best bet for the best rate! As long as your credit score is at least a 660 or better and have your debt ratio not exceed a certain percentage, all you would have to pay is your appraisal fee and closing costs, which usually isn’t much. You also have the option of a green mortgage and fixed rate mortgages for 30 yrs. Don’t go with ARM mortgages, (adjustable rate), you’ll never know what your payments will be. But with fixed rate, you know what your payment is every month. And you can get all of your taxes calculated into your mortgage payment!! But the biggest thing to remember is to live within your means when looking to purchase. Good luck and happy house hunting

If your mortgage/PMI/Property taxes amount to $1000/month, and you pay $500 on the 1st of the month and $500 on the 15th, will this help you gain equity on the house faster and, in turn, pay off the loan quicker? Or will it work out to be the same as making one lump sum each month?

If your mortgage company will allow you to do this, it will save you interest. That would not be bi-monthly payments–it would be semi-monthly payments. To start this, however, you would have to make $1,000 on the 1st of the month and then $500 on the 15th of that month. And then $500 on the 1st of the next month. Otherwise you would be paying late.

i am buying my own home paying my mortage i recently was told a friend of mine who lives in a two story that she was moving we want to take over there house whats the best way to do this who do we ask we want the mortage to stay the same .we want our name to be on some kind of paper work so we dont get messed over in future after we pay all those years i dont know the first thing bout this im a first time home owner we just want it legal .

You can’t take over her mortgage. You need one of your own, you will need to buy the house from her.

We are staying in a home my wife’s parents have let forcluse last july. Well, the price is rock bottom. She wants to keep the house. The problem is we are on fixed income and do not know where to start to see if we can get a new mortage. We want to see if we can afford it first and can you use child support as income for the loan guidelines? We are in michigan and do not know the guidelines or where we can a decent down payment except through ameridream.

yes child support can be counted as income as long as it will last at least 3 years or longer. There is no Ameridreams programs taht will work in this loan. Now if a vetran or if the loan qualify’s for USDA rural developement and credit is above 620 then they too offer 1000% programs as well

i live in southern pines/pinehurst NC area im looking for something affordable around 80,000-100,000 in a good neighborhood with a fenced yard and attached garage

There is a WEB site REALTOR.COM that allows you to search based on criteria for areas around the country. You could use that as a starting point. For Sale By Owner (FSBO) would not be on there so you would have to drive around to find those. I don’t know the housing market in that area so I don’t know how much house you will get for the money. After looking online and driving by some homes, attend open houses in the paper. Find a good mortgage broker and get pre-qualified for a mortgage loan to see what you really can afford. Make sure they ask for pay stubs, bank statements, and include property taxes and insurance in your monthly payment. This way you will be sure of your costs. Interview several (3) Realtors before you decide who to work with to find you a new home. Good Luck – it is a stressful time but yet an exciting time.

You could certainly buy a property regardless of whether or not you already own a home and have a mortgage.

However, you can only have one "principle residence" so that a second home would typically have different requirements for down payment and a different interest rate.