Hello Lemuel. If you are selling and buying porting your mortgage is one of your options. Porting is the process of moving your mortgage from one property to another. There are 3 different types of ports that can happen when you sell a home and buy another. Each one different. Your mortgage can be either a straight port, port-increase, or port-decrease. The simplest is the straight port where you are moving your mortgage from one property to another with the same amount of mortgage. The rate, remaining term, and amount stay the same, no penalties involved and the process is straightforward as there is no new money involved. The second option is a port increase where you need extra funds for the new home, (this is usually the case if you are buying a more expensive home and have less down payment) In this case the remaining mortgage term is moved to the new property, the mortgage amount is increased and finally the interest rate is blended with today`s available rates. If the rates available today are lower than your interest rate then your rate will be blended and reduced, if the rates are higher today your rate will be blended and increased. I can do a rough calculation for you if you like, see my contact info at the bottom of the reply. The final port is the port-decrease. In this case you need less mortgage than the remaining mortgage amount you currently have. Your mortgage term, and rate get moved to the new property only the mortgage amount is reduced. There may be a penalty involved in this reduction of mortgage. If you are reducing your mortgage amount by greater than the allowable yearly prepayment options that you have signed for on your mortgage documents you may be charged a penalty for the extra reduction. There is one more option that one can consider, if your bank is not going to offer you a good rate on your port (they already got you so they often don`t) then you can always consider a new mortgage at another lender at full discount. It may save you more than your penalty to break, the calculations often tell the tale if it is worth it. I can do these calculations for you if you like and get you information on the lowest rates available today. I hope this information has helped you Lemuel. I can go into more detail if you like, explain further, and do some rough calculations, no obligation if you like. Please don`t hesitate to contact me:Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

This is what you call bridge financing to allow for the purchase of the new house. Unless your old house is selling or closing at a specific date, they will not fund the new house. In the meantime you would have 2 mortgages, 1 for the new property - with interest only payments (bridge) and one for the old - full P I. It is always prudent to sell first before buying as this creates additional cost. You can also rent one of the properties if you plan to keep it longer.

As long as there is not too much time between the sale of your existing home and the purchase of the new home most lenders will allow you to port the mortgage. In other-words you keep your existing mortgage and add the extra funds you need to buy the new house on top. The interest rate is a blend between what you have already and the rate at the time for the extra money you need. Now you have one mortgage amount, a blended rate, one mortgage payment and a new house!! -Abraham Niyazi - Easyrate.ca x 115

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My ex-wife and i own two properties together ( not by choice ). the first is the home she lives in and this property also has a second on it. the second piece of property is bare land which is paid for free and clear. i have been paying the interest only payments on the 2nd ever since the divorce ( just over 1 year ). i had agreed to this on the condition that we sell the bare land and pay off the second. the home and the land are in a mountain community and i live 40 miles down the hill in the city. i’ve asked my ex to get a local realtor to sell the land, but she keeps dragging her feet. so my question is this, what happens if i simply stop paying the 2nd and the taxes on the land. ( the taxes on the home are in an impound account built into the mortgage payment which she makes with the child support money i pay). i need a way to leverage her into selling the property. i’d like to let her know that if she does not find a realtor i will stop paying the taxes, the 2nd and the association dues required on both properties. now, if i stop paying on the 2nd, wouldn’t the mortgage company be able to attach my wages to get paid? this isn’t a case where i’m not able to pay, just don’t want too anymore and can’t get out because she won’t sell. and what about the taxes; now were talking about having the county on my back and the associations dues, well not as worried about those guys there small time compared to the county and mortgage co. i guess technically, i’m also on the hook for the 1rst, but if she stopped paying that, they’d just foreclose on her. i suppose the company with the second could also do that. so let’s recap: i have 4 liabilities: 1. 1rst$179,000house is worth $200k maybe? 2. 2nd$65,000 3 taxes on the property $750 a year 4. association dues $1,200 a year i have two assets ( of any value ) 1. bare landtaxed on an estimated value of $69,000 2. home with mortgage that i live in ( don’t want this affected ). any suggestions?

The county will not be on your back for the unpaid taxes because the taxes will be paid. If you don't, the county will have a tax sale and someone will get it by paying the 750 plus some fees. There is a period of time that you can redeem it by repaying the other person's 750 plus HUGE penalties. If you don't, then the court issues a tax deed which makes your invalid and somebody got a piece of property for 750. This is not a good idea. The mortgage company with the 2nd won't be on your back either because they have a lien on the house. They will simply foreclose.

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I take care of my mom, i pay all of her bills, i buy groceries, anything she needs i buy it for her. i was living in lafayette la. and i moved home with her when my grandmother died. when i came home i wasn't working i just moved home.the lady she use to work for told her to put me out because i got angry with her for putting mortgage on the house and i told her if you need the money that bad put it on your other house not the one you are living in she mortgaged the house she was living in and sold some of my grandmothers furniture. when she did this the money went into the bank and her check book was at her x-boss house. i was angry and my mom put me in jail, because i cursed her boss out this happend 6 years ago.now i am a nurse and back then i was a nurses assistance, the mortgage was 20,000.00 and i have been paying this. for the pass 4 years she have been trying to make up for that i can forgive but i can't forget i promised her i would never leave but she says things to hurt me

Just because you have children-doesn't make you a mother. I'm sorry you had to go through this, you are a strong person and deserve better. She might be ashamed at being 'at your mercy', she once took care of you-now she has lost that power and the child cares after her. To cope with that pain, she lashes out at her provider. She might use that to feel more powerful over you(such as having you IMPRISONED). Lay down the law and tell her your through with the abuse-you deserve her respect after sheltering her. You are her child-she should take your word and side over others. Tell her if shes not ready to treat you like the responsible adult that you are-threaten to leave her to her own devices. If she continues to hurt you-leave. Stay with friends and tell her you will never drop another dime for her. After a bit when she realizes its not just a 'threat' and that your 'serious'-she'll sing a different tune. If this doesn't work-than its time to get your own life back and live it. As I said, your a strong person who deserves better.

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My mortgage payment went from $1,800 a month to $2,600 a month. i tried to refinance but was not accepted because my husband's income was not secure. he is a construction worker and sometime he has work and sometime he doesn't. i tried selling my house but the market is very bad. since i didn't have much equity on the house i was going to end up paying. i decided not to make the mortgage payments and wait for the forclosure. i want to now what is going to happend now. will the bank take my cars and personal belongings? please if anyone went thru this already let me know what to expect.

Hi! Sorry to hear about your situation. Don't feel so bad you are not the only one in the forclosure process. Foreclosures have risen greatly in the past few months and probably will continue for awhile. The foreclosure process varies from state to state but most states have "foreclosure by power of sale". Basically you have 90 days from the Notice of Default (NOD) file date to resolve the mortgage default. After 90 days the appointed trustee sets a Trustee Sale, which is about 21 days later. But please do not wait to the last minute. We help foreclosure victims such as yourselves to resolve your mortgage problems and either save your home or try to get your lender to do a "short sale". The more time you have to resolve your financial crises the better. From what you have said, I would consider what is called a "short sale". There are a few other options you can do as well. One of the best things you can do is discuss your options with your lender. You really need to educate yourself on the foreclosure process though. Here are some sites to look at. http://www.all-foreclosure.com/forchelp.htm http://www.youtube.com/watch?v=NrhFl9HbDRA If we can be of any assistance, just e-mail me and I will get back to you asap. Best of Luck!