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.

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

If your rate is too high you might consider breaking the mortgage and getting one of today`s low rates. I did that and I ended up saving more than my penalty to break my mortgage. And I didn`t miss out on today`s low rate either.

Powered by

My 5/1 arm just expires and now on my statement it reads. "30 year arm." i understand the intrest rate change but does this mean i am lock for 30 year at this intrest rate? or will it change next year and so on? also, will i be paying the principle or just interest again?

It will still adjust every year. The 30 year part means that when they compute your monthly payment, based on this year's interest rate, they are basing the calculation on the idea of paying the loan back over 30 years. In other words, if your interest rate is 5% this year, then your payment would be the same as a 30 year fixed at 5%. But, it will still adjust to current market rate again each year, changing your payment accordingly.

Powered by

Principle is higher than value of home, modification with my bank is going nowhere. usbank says i make to much money. i'm 115% loan to value. do i wait and see with government programs rolling out or act now? fica score over 750 on both my wife and i. i want a 30 fixed, any ideas? or directions i could take, would be appreciated.

If you got your mortgage before March 1, 2008 you may qualify for the Hope for Homeowners program ( HopeNowMortgages.com). You can even save thousands of dollars if they refinance your mortgage at 96.5% of Loan to value. They will "pardon" the rest... Check the program and see if you qualify

Powered by

Hi, i have another year to go on my fixed rate mortgage with c&g. but, the last few days i've been wondering. i fixed my mortgage for 2 years last april. my flat was valued at £145k my mortgage balance is £127k so, taking into account the falling prices, i'm starting to look like i'll be in negative equity. when my deal expires, will i generally just go on to the standard variable rate offered by the mortgage provider? my loan to value ratio is could be as much as 105% basically, do i just automatically go to the standard variable rate, in principle? hope you can help!

You are right in thinking you will convert automatically to the lender’s Standard Variable Rate – however the lender will not value your property at this time and as long as you maintain payments they will not be concerned with how much equity is in the property. Unfortunately, the negative equity position does mean that it will not be possible for you to shop around for a better deal. However, depending on the interest rate at which you fixed, the lender’s SVR could actually be lower, meaning your payments could decrease. Even if this is not the case, if it is affordable to you and allowable under the terms of your mortgage, I would recommend that you consider making overpayments in order to increase the amount of equity you have in your home. Such a course of action would put you in a stronger position for the future. Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

Powered by

Hello, i have a huge problem with my ex and our house that we share. to sum up the story, we were never married just engaged when we bought the house in 2006. we broke up 1.5 year ago and i moved out since he wanted to stay and make payments. we had a huge fight when we broke up. he tried to have me sign the deed of our house over to him and still keep my name on the mortgage. in addition to closing and taking our savings that we had. this was all after, i agreed to take half of his credit card debt (all in his name) since it was our debt technicaly and i felt quilty of him just paying back for it. this was all before the deed scenario. we sort of had a falling out and things just remianded where he stayed there and was making payments. now, he started to email me again regarding the house, i received 20 emails in about a week from him. i'm just scared that he will take advantage of me, he is foreclosure/real estate attorney and i'm having a hard time believing him especially after the break up. he's deceived me so many times in the 6 years we were together in every way possible. he is telling me the new options that are available and that we could finally resloved this situation. here is a snap shot of the email that i got from him "1. prevent damage to either of our credits. 2. ideally, get rid of the house either via short sale, deed in lieu (which means give the house directly back to the bank), or principle reduction and then sell. i don't need a 3bd house at $2k/mo. this depends on what the bank will agree to. it's not in my control, but i will pursue and argue for this as much as possible. 3. if getting rid of the house is not possible and we are stuck with it for now, then i would at least like to reduce the payment via an interest rate deduction." this was all after he told me how he was doing very well with his law firm in the inital email and that his accounting (he's a cpa as well) contact expired and he can be considered unemployed giving us a golden ticket out of this mess. i just don't know what to think, he wants me to send my documents to our mortgage bank so they can look at the options. i told him i would do this monday after he kept emailing me non stop. do you guys this i need to get a lawyer and if so what kind rela estate/family. i'm so scarred of him and i don't know what to do nor do i have any $ to do anything. i work and go to school and i'cant afford any extra attorney expenses. can someone please give me any sort of advise, i have no family/friends to turn to. i'm scarred for my life and i don't want to have anxiety attacks like i used to. to emails that he sent were vague and he initially wanted to do a modification option but now he is saying he's ok financially but wants the option #1 in the email. he is always vague and always has a alternative motive with everything. to make things weirder, he emails this to me after he breaks of with his gf (who's company is moving into my office bulding, on the same floor on monday). he sent me an email the next day after they break off. i also know some people at his gf compnay since my ex used to work there (he got her a job there) and i'm freaking out even more. i don't know what to do. i feel so scarred and i was on medication for a year due to our break up and the aftermath that occured. all of 'our friends' stopped talking to me since i met them through him (incuding the one's that are moving in next door), at one point i even tried to kill myself by overdosing on my medication. i thought i was ok since i've been seing a therapist but him emailing me has brought everything back. sorry for the long question. any advise would be appreciated. thanks i also tried to call the free government number they have available, but they don't seem helfpul.

Keep ALL of his emails and get an attorney for yourself. Take ALL of his emails to your attorney, and ask him what recourse, if any, do you have. Also inform your therapist of the problems you're having. It's possible the therapist needs to talk to your attorney. You should have gotten some legal advice for this way back when, but it's not too late now. Get ALL of your records together, which show that you helped pay down the credit card debt. You are going to need to go to court and get this straightened out. This guy has hosed you but you need to get some good legal advice for this situation. DON'T RESPOND TO THIS GUY UNTIL YOU'VE SPOKEN WITH AN ATTORNEY. DON'T TELL THIS GUY THAT YOU'RE GOING TO SPEAK TO AN ATTORNEY. DON'T TAKE HIS PHONE CALLS. LET THE COMMUNICATION COME THROUGH THE EMAIL ONLY. DON'T MAKE ANY PROMISES TO HIM, HE'S PROBABLY TAPING YOU AND THAT MIGHT BE USED IN COURT. get an attorney. get an attorney. get an attorney. GET AN ATTORNEY!!!

Powered by

Hello, i have a huge problem with my ex and our house that we share. to sum up the story, we were never married just engaged when we bought the house in 2006. we broke up 1.5 year ago and i moved out since he wanted to stay and make payments. we had a huge fight when we broke up. he tried to have me sign the deed of our house over to him and still keep my name on the mortgage. in addition to closing and taking our savings that we had. this was all after, i agreed to take half of his credit card debt (all in his name) since it was our debt technicaly and i felt quilty of him just paying back for it. this was all before the deed scenario. we sort of had a falling out and things just remianded where he stayed there and was making payments. now, he started to email me again regarding the house, i received 20 emails in about a week from him. i'm just scared that he will take advantage of me, he is foreclosure/real estate attorney and i'm having a hard time believing him especially after the break up. he's deceived me so many times in the 6 years we were together in every way possible. he is telling me the new options that are available and that we could finally resloved this situation. here is a snap shot of the email that i got from him "1. prevent damage to either of our credits. 2. ideally, get rid of the house either via short sale, deed in lieu (which means give the house directly back to the bank), or principle reduction and then sell. i don't need a 3bd house at $2k/mo. this depends on what the bank will agree to. it's not in my control, but i will pursue and argue for this as much as possible. 3. if getting rid of the house is not possible and we are stuck with it for now, then i would at least like to reduce the payment via an interest rate deduction." this was all after he told me how he was doing very well with his law firm in the inital email and that his accounting (he's a cpa as well) contact expired and he can be considered unemployed giving us a golden ticket out of this mess. i just don't know what to think, he wants me to send my documents to our mortgage bank so they can look at the options. i told him i would do this monday after he kept emailing me non stop. do you guys this i need to get a lawyer and if so what kind rela estate/family. i'm so scarred of him and i don't know what to do nor do i have any $ to do anything. i work and go to school and i'cant afford any extra attorney expenses. can someone please give me any sort of advise, i have no family/friends to turn to. i'm scarred for my life and i don't want to have anxiety attacks like i used to. to emails that he sent were vague and he initially wanted to do a modification option but now he is saying he's ok financially but wants the option #1 in the email. he is always vague and always has a alternative motive with everything. to make things weirder, he emails this to me after he breaks of with his gf (who's company is moving into my office bulding, on the same floor on monday). he sent me an email the next day after they break off. i also know some people at his gf compnay since my ex used to work there (he got her a job there) and i'm freaking out even more. i don't know what to do. i feel so scarred and i was on medication for a year due to our break up and the aftermath that occured. all of 'our friends' stopped talking to me since i met them through him (incuding the one's that are moving in next door), at one point i even tried to kill myself by overdosing on my medication. i thought i was ok since i've been seing a therapist but him emailing me has brought everything back. sorry for the long question. any advise would be appreciated. thanks i also tried to call the free government number they have available, but they don't seem helfpul.

You need a lawyer. NOW! You made a huge mistake buying property with someone you were not married to. You made an enormous mistake when you split. You should have had a lawyer long before this. Now it will cost you more, but it is more urgent (and more messed up!) than ever. Get a lawyer.

Powered by

Hello, i have a huge problem with my ex and our house that we share. to sum up the story, we were never married just engaged when we bought the house in 2006. we broke up 1.5 year ago and i moved out since he wanted to stay and make payments. we had a huge fight when we broke up. he tried to have me sign the deed of our house over to him and still keep my name on the mortgage. in addition to closing and taking our savings that we had. this was all after, i agreed to take half of his credit card debt (all in his name) since it was our debt technicaly and i felt quilty of him just paying back for it. this was all before the deed scenario. we sort of had a falling out and things just remianded where he stayed there and was making payments. now, he started to email me again regarding the house, i received 20 emails in about a week from him. i'm just scared that he will take advantage of me, he is foreclosure/real estate attorney and i'm having a hard time believing him especially after the break up. he's deceived me so many times in the 6 years we were together in every way possible. he is telling me the new options that are available and that we could finally resloved this situation. here is a snap shot of the email that i got from him "1. prevent damage to either of our credits. 2. ideally, get rid of the house either via short sale, deed in lieu (which means give the house directly back to the bank), or principle reduction and then sell. i don't need a 3bd house at $2k/mo. this depends on what the bank will agree to. it's not in my control, but i will pursue and argue for this as much as possible. 3. if getting rid of the house is not possible and we are stuck with it for now, then i would at least like to reduce the payment via an interest rate deduction." this was all after he told me how he was doing very well with his law firm in the inital email and that his accounting (he's a cpa as well) contact expired and he can be considered unemployed giving us a golden ticket out of this mess. i just don't know what to think, he wants me to send my documents to our mortgage bank so they can look at the options. i told him i would do this monday after he kept emailing me non stop. do you guys this i need to get a lawyer and if so what kind rela estate/family. i'm so scarred of him and i don't know what to do nor do i have any $ to do anything. i work and go to school and i'cant afford any extra attorney expenses. can someone please give me any sort of advise, i have no family/friends to turn to. i'm scarred for my life and i don't want to have anxiety attacks like i used to. to emails that he sent were vague and he initially wanted to do a modification option but now he is saying he's ok financially but wants the option #1 in the email. he is always vague and always has a alternative motive with everything. to make things weirder, he emails this to me after he breaks of with his gf (who's company is moving into my office bulding, on the same floor on monday). he sent me an email the next day after they break off. i also know some people at his gf compnay since my ex used to work there (he got her a job there) and i'm freaking out even more. i don't know what to do. i feel so scarred and i was on medication for a year due to our break up and the aftermath that occured. all of 'our friends' stopped talking to me since i met them through him (incuding the one's that are moving in next door), at one point i even tried to kill myself by overdosing on my medication. i thought i was ok since i've been seing a therapist but him emailing me has brought everything back. sorry for the long question. any advise would be appreciated. thanks i also tried to call the free government number they have available, but they don't seem helfpul.

You need a lawyer of your own. Even if what he is saying is correct, you need to have someone looking out for your own interests. He has legal training, you do not. If I were you, I would get a lawyer with one goal in mind: to get out of any further dealings with this guy with the minimal damage to you. Sometimes it is worth giving up a bit of what you have a "right" to, in the interest of getting on with your life without this albatross around your neck. Only you can decide what is worth fighting for. The other HUGE advantage of having an attorney is that you can rightfully insist he direct all further communications to your lawyer, not you. Because he is an attorney, himself, he would be obligated to honor that. I once went through a similar kind of situation (extricating myself from property with an ex who was still occupying it), and it was so lovely to say, "Call or write to my lawyer if you have any issues. I no longer wish to receive communications regarding this matter." It's a buffer between the two of you until this is all worked out. Good luck.