busymom4

Hi guys, Need help in figuring out if my DH account with Matco Tools is classified as a contract or as an open account, he was able to charge additional tools to the account after opening and thought he got a card to use with the account but does not really remember as that was in 2000. In 2001 a matco rep refused to warrenty out a covered tool so DH returned all but a drill that day. 2 years later Matco contacted us reguarding an amount due-at that time I dv'd them and sent in a noterized statement stating DH had returned all but the drill to the rep for the area. Matco sent us a letter stating they would investigate it but did not include anything else. I didn't hear from them again until 2005 while looking to purchase a home, again I dv'd them and included a copy of the previous letter and their response-everything was deleted from his CRs and no response recieved. Today he recieved a call from a CA demanding payment at his employer, we have recieved nothing by mail as of yet. So if this is a contract I know under state law they have 10 years but if it is an open account they only would have had 5 years or 4 if considered a sale of goods. does anybody know how matco issues credit.

It's time to stop being naive and get serious, you are about to be raked over the coals so to speak. You quit claimed your part of the house to him but that did not release you from the mortgage responsibility. Even if a judge rules that he owes $xyz on his half of the debt-if he files bankruptcy then he is absolved of that responsibility. The creditors will then not care what the judge ruled because they have a signed contract from you that preceeds that order and they will then come after you for the FULL amount due-it will not matter if a judge/or judgement says he is the one responsible. And once he files for bankruptcy even you can not take him to court to make him pay as he is no longer responsible for those debts. You may have very few options available to you and the longer you wait the worse it will be, you need to consult an attorney ASAP and start thinking damage control.

My mother did this to my father several years back, she filed-he did not-she didn't even tell him she was going to do it. He didn't find out until it showed up on all of his CR for all jointly held accounts and all of the creditors started contacting him. Most of them refused to accept any payment plans from him and filed lawsuit after lawsuit against him. All of these accounts had been current up until she left the house. Eventually he had to filed for bankruptcy due to the garnishments, stress and inability to provide for us kids and keep up with the insane payments the creditors wanted, he lost the house and pretty much everything else he had. Its been over 12 years since my mother filed and my dad is just now getting back on his feet finacially. ETA-if he files and you do not, YOU WILL BE responsible for all the bills, the creditors will come after you and you will have no recourse-you can not even take him to court for his share of the bills if you do decide to pay them. Your credit will be trashed. Best bet is to refi before he files, get his name off the house and close any jointly held accounts.

Also, there is no pre-pay penalty with our current loan or this one.

Currently the loan is in my name alone, interest rate is 7.25 with a PMI of $176 per month, 30yr fixed. We had planned to refi after 1 year to add him to the loan anyway. Just a straight refi with no cash back is 7% with closing estimated at $4000 (from the same broker) though I have not seen that GFE yet. We got a really good deal on the property with a good bit of equity built in upon purchase so that's why we did not wait until his reports were better to purchase in the first place. DH now has an offer on the table to own his own business but we need to come up with some additional funds, so that is why we are considering the cash out option. I really want the PMI gone but I have to say I'am not happy with that interest rate at all. I'am exploring other options but DH wants to move quickly. This is a fixed 30 yr. Thanks again, all input/comments are appreciated and will be considered.

TIA Loan Amount: 187,150, 8.9% LTV 95% 800: 801: 935.75 Origination fee 802 803:($275) Appraisal 814: 300.00 Processing fee 815: 300.00 Underwriting fee 901: 456.34 Interest 1001: 786 Hazard Ins. 1004: 439.98 Taxes for 5 mo 1100: 1101: 200.00 Closing or escrow fee 1105: 100.00 Document prep 1106: 1107: 1108: $700.00 Title Insurance 1200 1201:$ 100 Recording Fee 1202: 1303: 575.00 Servicing Total estimated settlement charges: 5168.07 Cash back $14,981 Mid-scores DH-617, mine 639 ETA: This is a refinance

My DH and I are looking to refinace and get approx $15,000 back. Current mid scores are 617 & 639. LTV would be just under 95%. What might be a ball park figure for our interest rate.

Signing it over will not relieve you of finacial responsibility as far as the mortgage company is concerned, and if he makes late payments it will still affect your credit. The only choices you have that will protect your interests is to have him refi in his name only or to sell. Sorry to hear about your divorce. I wish you the best.

I would initially call the mortgage company to find out if he is in fact the primary buyer, then file a police report depending on the results. Not only would I want her charged but if he is primary then his name is also on the deed and he could force a sale of the home and should be entitled to half of the proceeds. Since the payment history has been good he may find someone who is willing to refi-check with a broker rather than a bank. I would check with a broker before proceeding with the police due to your time frame since it could get ugly before it gets better.

DH and I are looking to refi. our house in April and I'am looking to get prepared. We bought the home in April 06 for $167,500 (a really good deal as the couple was getting divorced) and on zillow it shows it may now be worth $243,000(unsure how accurate but the new homes around us start at $280 and go up). We currently have a rate of 7.25 and I would like to get that down to the low 6's or better if able to. DH Fico's are currently all above 660 with one above 700 and mine are 645, 660 and 680. Do you think a cash out refi would be best or a refi with a HELOC. We don't need any cash out at this time but DH is starting his business in April and we want cash available if needed. We have the money to pay all closing cost if it matters. TIA

Does he specify a time frame in which you must buy or forfeit? I personally would not want to sign a contract with a retainer fee but with the slower market some RE are having a really tough time. Before you sign make sure you feel comfortable with him, that he seems motivated to work FOR YOU and that he understands what you are looking for. Then if you feel comfortable with it go ahead if not decline.

Depends on the contact you sign, some mortgage companies will let you drop PMI while many will not without refinancing.

What do you need to cover your closing cost, 6% of 149800 is just over $8,000. When I closed on my home-we payed 167,500, our closing cost were just under $3500 in included insurance and the security system prepaid for 1 year. You will not get to walk away with any cash from closing so if you don't need that much ask for less. Only you can decide how much you are willing to pay, if you feel $147000 was a good offer, counter back at $147000 with 3% sellers concessions or an actual dollar amount. Decide what you are willing to spend and stick to it.

I wonder if that is the real reason, or could a better reason be that you have proof of what you spent and therefor are entitled to a higher reimbursement should you ever file a claim.

You can reduce your offer to cover the costly repairs, sellers can fix prior to closing or you can walk away and take your earnest money back.