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Mortgage Liability

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Frances Guest	Posted: Mon Nov 08, 2010 1:23 am    Post subject: Mortgage Liability Like 0 Dislike 0 Hello everyone: I am new to this forum and I have a question: Me and my husband recently bought a home. Both the mortgage and deed our in both names. We are haved alot of personal problems. I am in the process of leaving the house. My husband may have it. What do I go to not be liable for the mortgage in the event he loses his job? What are the steps to be taken and does it cost much as I have no money or job. He is the only one working.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Nov 09, 2010 2:35 am    Post subject: Like 0 Dislike 0 Hi Frances! Welcome to forums! If you don't want to remain liable for the mortgage, then you should ask your husband to refinance the home loan in his name. This will release you from the liability of paying the home loan. Feel free to ask if you've further queries. Sussane
alinasmith001 Joined: 09 Nov 2010 Posts: 5 1.91 Dollars($)	Posted: Tue Nov 09, 2010 4:07 am    Post subject: Like 0 Dislike 0 Despite the acceleration of housing can be a desired goal, by using the financial calculator you can really put you can not pay the mortgage, even faster than any mortgage acceleration program out there. But beware, when you see how it can help, you may want to make forever.However mortgage, the property seized is almost certainly lower than would be achieved by the homeowner _________________ west virginia new home
Frances Guest	Posted: Tue Nov 09, 2010 11:23 am    Post subject: Like 0 Dislike 0 Smithsussane: Thank you very much for your input. Dou you happen to know how long we have to own the house before my husband may refinance? We bought the house 3 months ago. I am assuming since it is a new loan (refinance) do we still have to save money for a down payment?
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Wed Nov 10, 2010 3:48 am    Post subject: Like 0 Dislike 0 Hi Frances, You will have to stay in the property for 8-10 months and pay off your existing mortgage on time in order to refinance the loan. As it will be a new loan, you will have to offer 20% down in order to get the loan or else, you'll have to go for private mortgage insurance. Take care
Frances Guest	Posted: Thu Nov 11, 2010 11:18 am    Post subject: Like 0 Dislike 0 Sara: I understand the part where we have to stay in the property for 8-10 months. I know that refinancing would be a new loan...the part I don't understand is, how can we pay off our esisting mortgage on time? Did you mean keep up with the mortgage payments on time? It sounded to me like you were saying we had to pay off our existing mortgage in full. Also, 20% down in order to get the loan? That is very, very steep. W
frances Guest	Posted: Thu Nov 11, 2010 11:19 am    Post subject: Like 0 Dislike 0 *I did not get to finish my last reply. I accidently pressed enter. As I was saying....we only paid 4.75 percent on the down payment for our loan.
akirasmith Joined: 12 Nov 2010 Posts: 4 1.67 Dollars($)	Posted: Fri Nov 12, 2010 12:45 am    Post subject: Like 0 Dislike 0 Despite the acceleration of housing can be a desired goal, using the financial calculator you can really put you can not pay the mortgage, even faster than any other program to accelerate the mortgage there. But beware, when you see how you can help, you may want to forever.However mortgage, property seized is almost certainly less than that given by the owner. _________________ Real Estate Omaha
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Fri Nov 12, 2010 2:14 am    Post subject: Like 0 Dislike 0 Hi Frances, You will be able to refinance your mortgage if you are current on your mortgage payments. Once you refinance your loan, the money that you receive will be used to pay off your existing mortgage. As refinance means taking out a new mortgage, you'll have to offer 20% down in case of a conventional loan. If you are taking out an FHA loan, then you will have to a pay a down payment of around 3-5%. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Fri Nov 12, 2010 12:46 pm    Post subject: Like 0 Dislike 0 It would be an FHA loan. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jimekkony Joined: 01 May 2011 Posts: 3 1.48 Dollars($)	Posted: Sun May 01, 2011 8:28 pm    Post subject: Like 0 Dislike 0 Well,Traditional thinking places clear of the mortgage as a liability.Some even think that financial freedom can not occur for an additional mortgage imminent, probably because of the monthly payment required to maintain it.A mortgage is a type of debt, you can assume your current mortgage is a liability. _________________ Property Management Search
dealsbells Joined: 09 May 2011 Posts: 5 1.83 Dollars($)	Posted: Mon May 09, 2011 11:26 am    Post subject: Like 0 Dislike 0 The type of mortgage is a debt, you may automatically assume that your current mortgage is a responsibility. However, considering the sale of your home's response. If your home in its current market value of the results of the profit may fall out of your mortgage loan assets.

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