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

Joseph asks…

Whats the cheapest way of traveling to japan?

Im a college student from england with a low budget, looking to spend some time in japan, can anyone help me on how much it would cost to get there

richmama answers:

Well, your question is not exactly helpful “the cheapest way to get to Japan” – there is only ONE way – airplane. It’s not like you have a choice.

Jenny asks…

Why are people so snotty, when it comes to crafty, small budget, tasteful, DIY weddings?

A lady that I have become acquainted with is engaged to one of my spouses co-workers. She’s getting married next week on St. Patrick’s Day (also my wedding anniversary).

Except for the place where they are getting married. She and her fiance have made 100% of everything for their wedding. They were planning a more elaborate wedding, but that had to be changed because of military obligations, and their unexpected miracle that will arrive sometime in late august (she was told she could never have children).

Last night we were at the support group meeting for the enlisted spouses, and she showed me her place cards that she had just completed. They looked so nice! And one of the other wives (who is very immature, and VERY young… she’s just 18) said, “Oh my goodness, please don’t take offense, but those are just not very nice. You should ordered your place cards like I did for my $40,000 wedding.” My friend was just hurt. And I said, “Well no one asked for your opinion did they, young lady?” The young lady who I said that to turned bright red, and didn’t say another word to me. Then a couple of the other wives came over,and I said, “Hey *****, and ****** look what ******* made for her wedding next week!” They all thought her place cards were tasteful and elegant. Showing that snotty little miss priss that handmade items can be tasteful

This is not the first time someone from the spouses group we belong to has made a harsh, comment about small budget, diy weddings. But none of the comments were directed at my friend until last night.

I’ve seen everything that she’s done for her wedding. Everything is so elegant, and not cheesy at all. Definitely a St. Patrick’s Day theme but not ott with leprechauns, pots of gold and 4 leaf clovers.

So let me ask you to those of you who had a DIY wedding, were you ever put down for having a small budget, diy wedding? If you did, how did you handle the nastiness? I would love to hear from you.
sandy and diz, go fight your battles else where.

richmama answers:

Seriously, do we really care what a snotty 18 year old thinks? $40000 weddings can be tacky too. Just let it go, it’s not worth worrying over. As long as your friend is happy with the completed product who cares. Some people out there are really crafty and can make things most of us wish we could have. So again, tell Ms Snotty pants to mind her business, no one asked for her opinion.

Paul asks…

How is the latest budget going to affect me as a New Zealander?

The budget was just released in New Zealand and I’ve read that I’m going to get $16 a week back. I have a wife and we are planning on having children in the future. How does this budget affect the average kiwi like myself?

richmama answers:

Well, I’m not sure how much you earn but the breakdown is like this:

If you earn under $14,000 you will be taxed 2.5% less than before.

If you earn up to $38,000 you can receive another $2000 pay rise and not have to pay any tax on it.

If you earn up to $60,000 you can receive a $10000 pay rise and not have to pay any tax on it.

These change after a few years, but you sound like you’re mostly concerned about the immediate impact.

There has also been a raise in the Working for Families allowance, so even though that doesn’t affect you now, if you have children in the future you will be better off financially than if you had them now.

Though it might not directly affect your pocket, the Police and the rail system have also been given a boost in funding so if you catch a train to work or need the police for some reason that helps you too.

Helen asks…

How to make a home budget spreadsheet on excel?

I want to make a home budget spreadsheet on excel and be able to download my transaction history from my bank. So far, I’ve been entering transactions by hand and that’s gotten too tiresome. My bank offers transaction historys in the downloadable formats – *qif, *csv, quicken, and microsoft money. I want to be able to just download the transaction history and input them into excel budget spreadsheet with minimal hassle. Anybody know how? Thanks.

richmama answers:

Well, I created a budget worksheet in Excel. It’s not quite as detailed as you’re doing, though. It has amounts by month and year.

If you’d like a copy to use/try, just email me. I’m more than happy to send it to you!

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