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Dwight Said:

How to Get Rid of Private Mortgage Insurance (PMI) on an Existing Loan?

We Answered:

Option 1 is to refi the loan and hopefully there is some unrealized appreciation on the house that lower your LTV to 80%, if not you can try a combo loan like an 80/10 or 80/15, basically just getting a 2nd mortgage to follow the first lien.

Option 2 is to request an appraisal done by your lender (they will only accept an appraisal ordered by them) and hopefully you have more than enough equity for an ltv of 80% or below

Option 3 Pay down your mortgage to 78% ltv (the amount they most drop your PMI at, by law) 80% is only at the time of the refi or purchase.

Option 4 take out a small 2nd or heloc and pay down your first mortgage with some of the proceeds.

Of course you PMI being dropped off early depends on the timeliness of your payments.

Diane Said:

Can I get an FHA loan with only 6 months full-time work experience?

We Answered:

you graduated with a degree and you are a teachers assistant. A DE underwriter will accept that for an FHA loan. Be prepared to send a copy of your diploma, Between school and 6 months working full time, liquid assets (15k in stocks), and 730 credit score, you will be approved.

By the way, for an FHA loan the monthly mortgage premium does not go away by you paying it down to 20% through payment acceleration. you have to get it to 78% LTV through natural amortization. you are looking at over 10 years. It wont be that much anyway. you'll be on your next house by then.

Donna Said:

How can I get rid of my home?

We Answered:

See if your bank would approve a short sale on your home? This would hurt your credit a lot less then bankruptcy since your home is one debt you do NOT get out of paying by declaring bankruptcy.

Ella Said:

I am going to be garnished for my son's car loan soon. How do I survive garnishment? Chapter 7 or 13?

We Answered:

Sharlie...Spifiman is absolutely correct in his post per your question. You do need to consult with a bankruptcy attorney. Now you didn't state when you filed the chapter 7 before. It needs to be 8 years from the first discharge before you can file for a chapter 7 again. If you qualify and can file chapter 7 again, you can keep the house as Spifiman posted, and re-affirm the loan. The chapter 7 will discharge the debts for the credit cards and the physical therapy bills. This will help give you the money to fix the home up. Now...can you sell the vehicle outright? 20K is a lot to re-affirm on the debt, and maybe find yourself something cheaper to at least get you around. Just thinking of some options to give you some more money back in your pocket and get the house fixed. The chapter 13 is really tight to save money and you pay a payment plan for 3 to 5 years, depending on your income and if you can afford to do the plan. Contact a local bk attorney, they will usually see you free the first time. Bring with you....last 6 months of paystubs, assets, list of your debts and last 4 years of taxes and they will tell you what you can qualify for. If you filed before...bring that paperwork too, they will want to see that is was in fact discharged and what date it discharge...it will be important to see if you can file again. If you have any questions, feel free to email me....Good Luck!!