Your Questions About How To Pay Off Mortgage Quicker

Joseph asks…

How do you get out of a mortgage when the other won’t sell and can’t assume the loan because of bad credit?

The mortgage is about 5 years old on a house I part own in Colorado. I’ve been trying to get off the title and mortgage but my ex-fiance seems to blow me off each time. I don’t care about the money I just want out he can have the house. I’ve told him several times but I guess he does not qualify for an assumption. Now what? I’ve told him over and over again I don’t want to take this to court….but it may be my only option. My credit is getting hit hard because he pays the mortgage late, a lot. I can’t afford the house after a career change. He’s been paying by himself for years. I told him I want to sell it or just get me off the mortgage. Quick Claim will get me off the Title but not off the mortgage! The mortgage is what is affecting me credit score. It’s a fairly new ranch style home in golf course community big corner lot….it will sell if he’d let it. Please help no one seems to have any answers! I’ve more then paid for my mistake of going in on a house and being naive!
Thank you for everyones suggestions. I’m very stressed about this. I’m the co he is the primary. Also he has been late paying the mortgage twice (in a row recently)by 30 days. I found out by my credit report… he never informed me he was having problems coming up with the mortgage. I would have paid if I would have known to keep my credit at good standing. Also it’s a 30 yr.

richmama answers:


Sharon asks…

How can I fix this mortgage problem with my home’s title?

I’m trying to sell my home, but it seems an unexpected mortgage comes up on the title check. That mortgage has been paid off over 10 years ago, and I haven’t been paying any mortgage since then. The mortgage company that held the mortgage has been sold and bought numerous times by other companies and I’m having trouble trying to get verification for the buyers that the mortgage has been paid. I need to do this quick so the buyers don’t back out. What can I do?

richmama answers:

In the quickest scenario you will need to find some kind of proof relating to the pay off of the mortage regardless of what it is and then record an affidavit stating that the attached proof represents the pay off and describing all of the recording information regarding the mortgage. You really should get a real estate attorney to quickly help you. The title company can also assist you in the needed research showing who bought and or was supposed to service your original mortgage. The lender who gave you the money should have all that information as a starting point.
To get legal help go here:
American Bar Association: or
Buena Suerte

William asks…

Is it possible to payoff your home mortgage with a home equity line of credit?

My loan is for 30 years 75K. I was told that you can pay it off alot quicker with a line of credit. Has anyone on here done it and how?
I didn’t think it was possible or financially beneficial. I’ll stick to my 300 extra towards principle every month.

richmama answers:

Sorry but no one here knows what they are talking about.
Here is how it works. You have a heloc for 75K at say 4% interest only with a payment of $250.00 per month. Now lets say you have a rate of 6% right now which gives you a payment of $450 per month. You save $200 per month and add to the extra $300 per month that you are sending in to your principle.
Here is the break down.
On your current loan(using the numbers above) if you continue to pay the $300 extra per month, your loan will be paid off in 140 months (11.66 years) with a total of $29,252.87 paid in interest.
If you take the savings of $200 per month and add that to the extra $300 for a total of $500 and send that in as extra to the principle on a heloc, you will pay off the loan in 123 months(10.25 years) and pay $16,383.83 in interest.
The reason this works is because an interest only loan is the only mortgage that will recast (re-amortize) when an extra payment is made to the principle. This means that every time you pay on the principle the following month you interest charges are based on the new lower loan amount.

Richard asks…

How can my husband and I make some quick dough?

My husband and I are 30 000 in debt with our loans. We’d like to pay them off quicker, without using the money we currently work for so we can enjoy life a little more. Anyone know how to make quick money legally?? I’ve thought of flipping houses but Im not sure we can get a mortgage at this point.

richmama answers:

There is nothing like quick money on internet. If you believe you can make money quick then you are a possible victim to scams. There are many scams. But, You can make money here. There are simply too many opportunities and sky is the limit when it comes to the earning potential. You have to learn and find time to set it up and get it running. You hard work will eventually get you through.

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Your Questions About How To Get On A Budget And Stick To It

Lisa asks…

How do i get a budget and stick to it?

Ive never really had to learn how to budget before now. I need help on how to really stick to one and not get tempted to get off track.

richmama answers:

The budget part is easy. Sticking to it is all up to you.

I use a zero dollar budget. It’s easier to stick to it because every dollar has a name and a mission. You can control your money or your money can control you.

The first lines in my budget are essentials: mortgage, food, utilities, etc. Then I list all my debts.
One of my lines is a ‘blow’ line. I know I’m going to blow some money so I just put a dollar amount in the blow column. I also have a savings line, and a holiday line.

Every dollar I make is spread over those lines. I use the envelope system to track my spending.

If I put fifty bucks in the blow column then I write down there where, what, when, and how much on the envelope. Once that fifty bucks is gone then there’s no more blow money to spend.

Carol asks…

How do you make a budget, and stick to it?

I am a student living at home and have got myself into a bit of a financial problem. Thankfully living at home it means If I stick to a very tight budget I will clear the debts by mid March. I feel like I’m learning a lesson and hope that because of this I will be far more careful in the future….

The question is though how do I decide on a budget and make myself stick to it? all tips will be much appreciated 🙂

richmama answers:

Write down have much you have each week or each month to spend (after tax). Whether you choose to do it weekly or monthly should depend on how often your job pays you or you get benefits payments or whatever.

Write down how much you have to spend on ESSENTIAL items (rent, utilities bills, course books, etc). If you have debts to pay off, you’ll also want to include the payments that you’ll be making for these in this section.

Subtract the second figure from the first. That is how much you have to spend on items which are non-essential. So, you can have that amount as your “spending money”, or you can break it down further and have x amount for entertainment (cinema etc), x amount for socialising (beer and eating out), x amount for clothes, etc. You might also want to set an amount aside for savings.

The best tips for sticking to it are:

– Don’t set your budget too tight. If it’s impossible to stick to, you’ll become discouraged and won’t do it. If you have no money at all for non-essentials, you won’t be happy – even if your only luxury is a can of lager in front of the telly, you need to treat yourself sometimes.

– Whatever amount you have to spend each week, withdraw it from the bank IN CASH and put it in your wallet. Leave your cards at home. When you’ve spent all your cash, that’s it – you have to wait until next week to buy something.

Richard asks…

How do you set a budget and stick to it?

It‘s really struck me recently that I spend a lot of money on things that I don’t really need and I want to change. I earn a fantastic salary and would rather be saving a substantial amount of that money than just spending it on thigs for the sake of it!

My partner suggested that I work out the abosulte minimum that I need to get by for the week and stick to it, for example if I needed £100 for bills and food and everything with a little something extra for a treat then I should stick to that sort of budget.

What do you think?

richmama answers:

Personally I would leave myself with a little extra as there is always something that crops up! What I do is have a separate account which all my bills come off via Direct Debit, I have a spreadsheet that shows everything I have to pay for over a year and then divide by 12 so I knowo how much I need to put in that account each month (this helps me budget to pay for annual costs such as car and home insurance etc), then when my salary comes in, I have a standing order which takes this amount straight out into my ‘bills’ account. I also have a savings accout setup, so that a set amount goes into that every month again by standing order, so then I am only left with the money I have set myself to get though the month.
The thing is, you have to give yourself enough to actually get though the month and accept that you will spend some money on clothes and going out etc, so make sure you are left with enough or you will just dip into the savings and once you start dipping in you will find you keep doing it.
You could even set up more than one savings account and mentally assign them to something special you want to save for, e.g. One for Christmas, one for holidays, one for house / family etc.
Good luck, I think it’s great that you are making an effort to do this.

Ken asks…

What’s the best way to plan a holiday budget?

Over spending around the holidays is a real problem in this country. Got any advice on how to plan a budget and stick to it?

richmama answers:

Save now by not spending not at all and you dont overfill the landfill

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