The new mortgage from TD Canada Trust is called collateral-charge mortgages and allows clients to be approved for up to 125% of the value of the home in some cases. However there are some limitations that come with this type of mortgage as it will be harder to switch to another lender due to the fact that the collateral mortgage must paid in full first.

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I am thinking about selling my house. however, i believe it is worth less than what i owe on it. i am financially able to pay for the house, and my wife and i are just looking to upgrade to a larger place. i was wondering if it is possible if i do sell the house for less than what i currently owe, to roll the remaining balance into the new mortgage?

it depends on how much your old house and new house cost

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He was living in florida at the time of his death but the house is in connecticut. the house is currently rented to a family with a 2yr lease. my dad didnt have a will and it is just me and one sister. he had just modified the mortgage but he probably owes more that the house is worth at this time. we are not sure what we need to do or if we will be able to keep the house. any help would be greatly appreciated.

Either file an intestate estate to settle his afffairs, or eventuallly the mortgage company will foreclose on a dead person

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I purchased my home in 2007 when i was single. i am now married and my family has grown and wife works from home...in other words we need a larger house. we are both employed and in descent financial standing with good credit scores. we don't want to mess with our credit scores by walking away from the house or anything, but we owe way more than the house is now worth in today's market.. we cannot afford to just keep this house and buy another, we considered renting, but fear that forcing us into foreclosure if we are unable to rent. does anyone have good advice on what to do in this situation?????

Is building onto the home you have an option? Since your upside down on the house...you could not get an equity loan or line of credit. But is saving up and paying cash for an addition an option? How upside down are you? Is saving up and paying the mortgage down to the point where you could sell an option? You can speak to your mortgage lender about a "short sale". It's not as bad as a foreclosure....but it's still a hit to your credit. I guess if you got really desperate...you could go to Lowe's...purchase one of the large storage buildings...insulate it...run electricity to it...and let the wife have her office in the storage building in the back yard. ( I do know someone who did this and it actually worked out well for them).

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At present we rent our house, its an okay house but i would like to change things, eg carpets etc but as we rent i dont want to waste our money. i would like to buy somewhere, however my partner seemes to think it might be a good idea to wait as he feels that the house prices have risen so much that there will be a lot of reposessions and therefore less demand to buy houses and this will bring the house prices down.he doesnt want to have a large mortgage and then house prices drop and end up with a house that isnt worth much and a large mortgage.i can see what he means, however i would be interested to see what other people think.maybe there isnt a right or wrong, maybe it is a gamble whatever you do.what do you think?thanks no we are not a gay couple. thanks for asking anyway. we have a 13month old son and i am 8 weeks pregnant.we would need at least a 3 bedroomed house with a garden. x

Get a hold of a rent vs own worksheet. This will lay out what financially if it would be better to own or rent. Next see if you can get financed. Sometimes your credit report may have errors or be not where a mortgage companies needs it to be . There is no reason to argue let's buy... no let's rent... then you find out your credit will take 90 days to a year to repair! House prices go up and down, but they mostly go up. This depends on your area of course. Hopes this helps!

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I have large credit card dept and have a car that doesn't run and i still owe money. i make a good income. but my house payment is 2000$ (i dont live there) should i walk away from my house , file bankruptcy or just try to suck it up as long as i can? please help

Suck it up as long as you can. Quit looking at the financial mess that we're all facing. I'm in the "same boat" and I will not give up! Good luck.

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I have pretty bad credit (480s probably) ... its all silly stuff/education that added up - about $10,000 worth. i own free and clear a residental/commercial property with a large house on in - been fixing up the house. i have a rebuild letter from the city, so it can be financed as a regular residental home mortage or whatever. (being its residential/commercial propery, if it burnt down - the town would only let commercial buildings be rebuilt - but with a rebuild letter - it can stay a residental or whatever i want) it was valued by the realitor at about $125,000 (and i owe nothing on it) - i would like to get a loan for $60,000 to pay off all my debts and put the rest into the home... how can i accomplish this? what companys would do this? what type of financing should i do (mortage, equity??) .. i am self employed - 2 yrs on the job

You have a multi-use property. There are plenty of lenders that will allow this type of financing. Provided all structures on the property are in acceptable 'market ready' condition. Since you have been self employed for 2 years, you would need to provide proof of income, tax returns, or bank statements for 24 months. Depending on where you fall credit wise determines the loan to value calculation and your rate. Expect your appraisal fee to be higher to cover the multi use appraisal you will need and if you rent any portion of the property (commercial end) you will need a rent comparable if you use the income to qualify for the loan. Hope this helps,

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My ex wife lives in the house we owned when we were married. since the divorce, she had to refinance the mortgage due to financial difficulties. right now i believe she owes more than the house is worth on the open market. she still has financial difficulties having a large amount of debt in addition to the mortgage. does she have any options in trying to rid herself of this house to move into a smaller, more affordable one? if she sells the house at a loss, is she required to repay the difference back to the bank or mortgage holder immediately? what options might exist for her to rid herself of debt besides bankruptcy?

She should speak with the current mortgage lender regarding a "Short Sale". This type of transaction is used when the house sells for less than the mortgage owed . Yes, the difference must be paid back. A payment schedule is created by the bank. It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan). However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)

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I have a 750 credit score, owe 264000 on my mortgage - no other debt, house is worth 330000. i have 500000 cash in the bank in cds and iras. i plan to pay off the mortgage in 4 years when the cds mature, but in the meanwhile i am paying 6.8% on my mortgage and only earning 5% on my cash. i have no job and cannot qualify for full doc. but i can manage my mortgage payments as i make money in unusual (and legal) ways. however i would like to find a rate of 3 or 4% that will be good for 4 years with no prepay penalty , after that it can adjust to 20% for all i care. i would be willing to sign the cds as collateral to pay off the debt in 2010. anyone know where i can get a better rate in this situation without paying any closing costs? thanks

Sorry can't be done. Currently we have a flat yield curve in the market so even short term arm loans 1,2,3, 5 etc are all running around 5.875-6.00% ish for full documentation loans. Given that you have to go No Documentation due to your job situation you'll be looking at about .5- 1.00 higher rate. Also since you have to go no doc you'll have to get a mortgage broker involved in the process and they'll charge you pretty fat origination fee. You can't show assets on a no doc loan so the lender will never know about them. There aren't any no employment verifcation, but verified asset programs out there either. Your home serves as collateral on the loan so pledging other assets doesn't make sense. Best bet is to just ride it out for now, and don't fall for option arm with a low teaser rate that swells up to 8-8.5% one or three months later.

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My in-laws are willing to have me take over their current mortgage on a 23 yr old home in a prime location with recent increased appraisals. i am a veteran so i can use my va loan on this house, but i can't sell the house for 10 years. the main questions are: should i use my va loan and purchase the house? should i use a conventional loan and possibly sell it within 1 year as a fixer upper and make a profit on the house? the house is worth $180,000, and my buying price is around $105,000. i need a larger house for my family of 5, so should i buy this house, for $30,000 to $40,000 more than the asking price w/ my va loan and extend it / renovate, or should i go for the $105,000 conventional loan, in hopes to make a profit to be put towards the down payment on a larger house, possibly in a not so prime location? thanks in advance for your input!

How many bedrooms does the house have? How old are your kids? Is there potential to use any place in the house as an extra bedroom? Like a basement or an attic that could be converted into a loft for an older kid? Your kids won't live with you forever. I think it would be well worth considering the 10 year option with the VA loan. Particularly if you like the house...the extra 30 - 40,000 would give you some money to play with and you'd still be getting your "room to grow". Just my thoughts :)

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I have questions about mortgage vs the economy? you see a house that is worth 799,000.00 in a very happening and established area. the houses have appreciated 110% in 10 years time. grandma wills you 575,000.00 the us dollar is bad! stocks and investments are bad. should you put down a large down payment or a smaller one with the way the $$ situation is these days in the us???? thanks

Well have you heard the old saying or cliche don't stick all your eggs in one basket? I would suggest you put a small down payment, find other investments and do the same. Leverage the money you have now so you'll have more options of making more money. You won't have any options if you put most of it into one house, does that make sense? Keep in mind, the economy always changes.... I hope this helps you, best of luck!