Through MortgageFit forums, the Community holds discussions on various issues that common people come across while dealing with professionals in the mortgage industry. The forum topics also highlight the knowledge and experiences shared by our Community

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Last news: January 1, 1970 00:00:00

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Mortgage and Debt consolidation resources for people who are going through Mortgage and Debt Consolidation.

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Last news: January 1, 1970 00:00:00

I am living in Illinois currently and plan to move to Tennessee. What is involved in buying a home in Tennessee before moving down there? As far as work goes, I own and operate my own business and my husband is off on workmans comp right now so we have enough income to support a mortgage easily. I need to know what is involved in this process. Thank you!! - [Read more]

I am hoping my lender will issue a 1099-C form for the charge-off of my second mortgage. I am going to claim the unpaid balance on the second mortgage /charged-off amount as income on my income tax return . At this juncture, there will be no lien regarding this second morgage on my property, correct ? - [Read more]

My husband has a house in another state. He signed for it Oct 06. The seller has $88k in escrow held by the seller for a andquot;period to be paid no later than 3 yearsandquot;. Does this mean he can not sell this house until 3 years or the sellers escrow can keep him in this house? He signed it for a friend who was about to lose the house. So they refinanced it all to his name, but keep telling him 10%-20% of the house is held in escrow by his friend. What does this mean? Ive looked at the... - [Read more]

I signed as co-borrower on a mortgage March 06 w/someone. We broke up June 06. We still lived together and they paid until I started dating someone else. They subsequently moved out of the house Aug 06, then out of the state Aug 07 and stopped paying Oct 07. Before they moved out they refused to sign a quitclaim deed, refused to sign the paperwork I had drawn up showing they were responsible for their half of the bills/mortgage and even refused to meet with an attorney of their choice to get... - [Read more]

what happens if I dont make all of my payment to 2nd mortgage...My husband and I just had our bankruptcy discharged last month chap 7. We did not do a reaffirmation agreement with the 1st mortgage or the 2nd. We were told we didn’t need to do that by our lawyer, with that said we are able to keep the monthly payments going strong on the first mortgage, but what if I can only pay 1/2 of the what the 2nd mortgage payment use to be? I have no idea how this works but we don’t want to... - [Read more]

I own a home with my mother and brother. Id like to pay off some debts with a home equity loan or line of credit. Do they also need to sign the note? - [Read more]

Greetings, my question is, what if i missed 3months of payment, what is the impact to may remaining monthly payment? - [Read more]

Hi, I owned a property and the loan was in my name. After I got married and I got fights with my wife. I had a friend he advised me to transfer/ quit claim the property to his company for safe keeping. I did that without the knowledge that I will lose the ownership of the property. He frauded with me for title of property and now he put me in bad credit situation by not making mortgage payments. I have no control, Property has equity value and the loan is still in my name, I want to get the... - [Read more]

How can I find out who has my loan after it is transferred to a loan servicer like the worst HomEq?...My morgage is currently being serviced by HomEq. My original lender was Equifirst. It is very unfortunate because they are the worst servicer I have ever dealt with. Seems like they are all trained to treat clients like dirt since most of us have subprime loans. They act like we are at their mercy. I searched them online and they have countless complaints. When I requested for all loan... - [Read more]

I recently paid off my home mortgage. I am not the original Lien Holder on this house. When I tried to get a Release of Lien, the mortgage company told me it was filed with my county records building, but in the original loan holders name. That was over 30 years ago that this person owned my house. How do I get a free and clear lien on my home? Thank, Sharon - [Read more]

Hello, I was recently andquot;lay-offandquot; after 12 years of working for this company, I have some savings (not much really) this may help me navigate and pay my mortgage for about 2-3 months while I try to find another job but I f I dont, would a Deed in lieu of foreclosure be an option for me and my family? I really dont know what to do... any advice would be really appreciate. - [Read more]

I want to pay off my mortgage and it is still in me and my ex husbands names. I have a certified copy of my divorce decree where I was awarded the house in the divorce that took place in 2000. I was wondering what steps I need to take to change the names as the owners to me and my present husband? Also how long will the process take? - [Read more]

This is a andquot;what ifandquot; question, since the elderly person does not (yet) get Medicaid. Situation: the senior citizen mother has few assets (Social Security) and a house. The house is held in trust (a living revocable trust, signed 20 years ago) for two adult children. If the mother eventually gets Medicaid (while in a nursing home) and then passes on, can the state of Michigan go after the house? The Michigan Asset Recovery Act is limited to andquot;probated assetsandquot;, and the... - [Read more]

I signed the Deed In Lieu of back in August and the bank has still not filed it with the county. Is there a statute of how long the bank has to do this? My credit rebuilding has been delayed because, of what I think is negligence, of them filing the property in their name with the county. Kate - [Read more]

Hello, I have a mortgage worth $175K, payments 1450/mo. @ 6.25%. Home is valued at about $315K. Im looking to refi, would it be smart to consolidate $20k worth of other debt, where the interest rate is higher on those cards and loan? Or should I just refi at 5.25%? - [Read more]

We live in Illinois, if that matters. My Grandmother has granted her Great-Grandson a Warranty Deed with a Life Estate for her home. Now she wishes to sell the property, but can she do it without his consent? The only wording is if he ever wants to sell it, there are three people that have an option to buy it. Please Advise. - [Read more]

My Name is On Deed, But not Loan, am I responsible for past loans against my house?...My husband recently put my name on the Deed to our House. I was never on the loan papers. If he made a loan using our home as collateral prior to our marriage would I be responsible for payment of that note? - [Read more]

hello, i am living in a home that is in my dads name, he passed away about 8 months ago. i caught everything up, and there are 2 different mortgage companies for this loan, not 2 mortgagages, 80,000 through one company, and 20,000 through another. i had paid some of my dads debt,that is why i am behind. i owe oct, nov for the 80,000, at 887.00 a payment, and sept oct nov at 246.00. that one knows my dad passed away, i did not tell the other one, i am scared they wont work with me, and i donot... - [Read more]

We bought a condo in Hawaii in Dec 2004 (hoping the prices would still go up...dumb, I know)...weve had it on the market for over 1 year (NEVER thought that would happen, so weve not had a renter in it for that same period). Ther mortg/taxes/hoa fees are about $3500 a month which weve been paying for by borrowining from our HELOC, knowing that wed eventually be able to pay most of that off with when the property sold, and wed still be able to maintain our credit rating. We have excellen... - [Read more]

Heres my situation in a nutshell: 1 - I have 8 good mortgs on rental properties and my personal home 2 - I have 1 really high mortg on a property that Im trying to sell and I cant make the payments on it anymore with my current cash flow. I will pay the bank back the full amount when it sells since theres some equity in the property, but it doesnt make sense ot me to keep borrowing from other sources (which have now pretty much dried up) to make the mortg payments. 3 - I have 2 mortgs... - [Read more]