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Kelly Said:

Foreclosure times please??!?

We Answered:

You need to yahoo search the foreclosure laws and time frames for your state. It's really important that you know what your time is and rights are.

Example: In Minnesota, that notice is notification of sheriff sale. From the date of the sheriff sale we had 6 months to stay in the house and not pay rent. During this time,you do need to save money for your move, IF you've decided to let the house go. But first, please do this, call 888-995 HOPE to see if there is ANYWAY you can keep your home. If you've lost a job, or had extreme accident and medical bills, there may be some assistance for you. Please call that number.

Rodney Said:

short sale offer. What do you think? Good or bad?

We Answered:

You're obviously in a position where you are going to lose the home either way correct? My suggestion would be that you take the deal. It will be less damaging to your credit if you at least pay off your first mtg. I have a lot of clients that have come to me that are in the same position. If you let the home go into foreclosure you will have to move out and both mtg's will show up on your credit report as foreclosures verses you being able to stay in the home & only one showing up as a forcelosure & then you'll also share in the profits when it is sold again. Make sure that whatever your agreement is with the friend of a friend is in writing and you have it notarized.

Good Luck!

Willard Said:

Is it better to have a good credit score or more money to put into retirement?

We Answered:

I think you should first tackle your debt. Your debt level is probably one of the reasons why you have to make such high monthly payments and why you have a relatively high mortgage rate. Say your mortgage is for $200,000 and runs for 30 years. With a rate of 8.5% you pay almost $1,540 per month, but with a rate of 6% you pay only $1,200 or $340 less per month. (You probably could have gotten 6%, if your debt situation was better.)

The problem with your credit card is most likely even worse. You are probably paying an interest rate of 18% or higher. If you have a balance of $10,000, this rate means that you pay $1,800 per year in interest charges or $150 per month.

As you can see, these two examples show that this possible debt scenario costs you almost $500 per month assuming that the example is not too far off from your actual situation. If you compare those $500 with the $300 you would like to put into a retirement account every month, it is quite obvious that it makes more financial sense to tackle your debt before anything else, especially your credit card debt.

Once your have eliminated your credit card debt you can think about other financial goals such as retirement and saving some emergency cash.

If you would like to beta-test a program that is geared towards users like you, please send me an e-mail to vilkri@yahoo.com.

Jo Said:

Cashing out home equity, then renting?

We Answered:

Yes, it will come around to bite you in the rear. If you need to move, I'd suggest renting until you get the sale of the home to pay off your lender. Only after you sell the home, pay off the lender, then you determine how much you have left to put down on another home. So your safest bet at this moment is to fix your home looking nice so that it appeals better than all the other homes on the block (yes, it is a competition and there are a lot of homes competing). Really, if you are tight on money, swallow your pride and live in a lower class for awhile. I.E. cheaper car, or use public trans., cheapest apartment you can find, clip coupons, eat cheap and eat less.

If you take out equity and if you sell your home under what you owe, then you will be very sorry you did this!!

Lori Said:

If I owe more on my home than its worth, do I now qualify for mortgage relief?

We Answered:

If you are not in foreclosure procedings or are behind on your payments, no such luck. We tried. We called hud, mortgage company, etc. You know what they told us? Are you ready? WE dont qualify because we are paying our bills!!!! WTF!!! I am really confused at this. Yes, I understand helpingfolks who just lost there jobs because of the economy, but at the same time, those of us who are working 2 jobs and have really nothing in the bank and continue to pay our bills are being left out. Makes you want to do the wrong thing. Phuck it pis s es me off!!!