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

We would like to do a cash-out refinance on our investment property. However, in todays market, we are afraid the appraised value will not support the cash-out we need. The home has 2mtgs. First is a 5/1arm that matures in 2010 for approx $400k- so we have to do something about that soon. The second is a HELOC also adjustable for approx $90K. We need $40K cash-out to pay off debts. My question is: Can we just refinance the 1st MTG with cash - out and not the HELOC.? This way the Loan amount... - [Read more]

I cant afford my second home which has dropped 50% in value in the past year. From 300k to 150k. What would the result be if I return the keys to the home to the bank. Will I be sued? Back credit? - [Read more]

Me and my husband want to purchase a manufactured home brand new for 115,000 we can put down 58,000. The problem is that while his credt score is high enough to qualify for a loan mine is not and he cant finance the loan on his own as my income is higher than his. We have been working to pay down our debt through credit consolidation but it is not moving my credit up fast enough we need to do this by may 2008. Any suggestions on what we can do. Thanks, - [Read more]

WITH THE BANK BAIL OUT WHERE DOES ONE NEED TO BE WITH HIS CREDIT RATING TO REFINANCE AND GET OUT FROM UNDER A CURRENT ARM? - [Read more]

I keep getting a call from a collection agency stating that I owe for a Montgomery ward credit card dept dating back to 1996. The account was charged off and had been off my credit report. I have no plans to pay this dept because it is so old and I have never gotten any bills from any collection agencies since 1996. Should I worry about going to court and having to pay this dept. - [Read more]

Thank you - I live in FL. I must stop all payments due to medical plus loss of income. Does a short sale protect you from forclosure - if you stop paying your montlhy mortgage? Does the option of a short sale apply to vacant land? What is the short sale credit benefit vs DIL in this scenerio. I have communicated my hardship to the Bank -- What would you do? - [Read more]

I am filing chapter 7 . When I got divorced 2 years ago I signed a quit claim deed on our mortgage, do I still list this on my chapter 7 as a debt? - [Read more]

Do lenders do 40% + Total Debt Service ratio and and 32%+ Gross Debt Service? Internet seems to show it as a benchmark that all lenders follow, but its hard to believe. What are the actual ceilings lenders go for? - [Read more]

Do lenders allow 40% + Total Debt Service ratio and and 32%+ Gross Debt Service? Internet seems to show it as a benchmark that all lenders follow, but its hard to believe. What are the actual ceilings lenders go for? sorry for the previous post, forgot to login: http://www.mortgagefit.com/know-how/about14275.html - [Read more]

after a divorce the person staying in the home signs a mortgage it is notarized but not recorded in the court, this individual obtains another mortgage which is recorded the first mortgage was signed three weeks before who is first and who is second? - [Read more]

my fiance and I are looking into a fha loan. My fiance is currently in grad school, and has not had taxable income for the past few years. she currently is a full time dental assistant and a full time grad student. shes had her current job for only 3 months. she makes 31,000/yr. her fico is 776, and has monthly bills of roughly 400.00. no late payments on credit file. in 2006, i made 38k and had 3 different jobs in the same field, but in 2007, i only made 10k and had 3 different... - [Read more]

Does anyone know if FHA new construction insured loans require the lawn and driveway to be completely installed. The concrete pad outside the garage entrance is in place, but the gravel connecting to the road is not yet there, and Im not sure that in our northern climate grass will germinate yet this year. Is it necessary for the appraisal and home inspection for an fha loan? - [Read more]

I am a first time buyer, purchasing a condo (townhouse) in Philadelphia. I am looking for a fixed loan with 10% down if possible, loan amount around $650000. Credit score around 760, employed and can document income. I can do a jumbo or a conforming and a second. Is anything like this available in the current economic climate? Thanks. - [Read more]

I am currently looking a t a house that they are asking 74,900. the house needs work (water pipes, boiler furnace, possibly new shingles, flooring.) the last i knew my midldle score was 650 and that was 2 years ago. since then my income has improved (24k -26k yearly) minumum debt ($300) monthly to pay car, car insurance, credit cards. I want to put an offer in for 50,000. Is it possible to get extra out of mortgage to fix minor issue prior to moving in? Also My fiancees mom is will to... - [Read more]

My ex and I split up about a year and half ago, and I was left with a $1400 mortgage payment. Granted, that really isnt huge, but its taking its toll on my income, and this is really just the first part of the story. The home is in serious disrepair, and I dont think its something I can afford to invest in long term, given the current economic conditions (I am a small business owner, and business is way down). Not to mention, I am seriously upside down in the mortgage with the loss of... - [Read more]

I WANT TO GET SOME OF THE MONEY OUT MY HOUSE BUT MY CERDIT NOT THAT GOOD CAN STILL GET TO THE MONEY.MY HOUSE IS WORTH 600,000 I HAVE ABOUT 200,000 IN EQ.CAN I GET 100,000 GAND AND HOW.WHAT SHOULD I DO? EVERY MOUTH FROM MY JOB I HAVE ABOUT $2,000 OF FREE MONEY I COULD PUT UP TO GET THIS MONEY. WHATS THE BEST WAY TO GO IN THESE HARD TIMES. - [Read more]

Hello, I am giving someone money to help buy a house in OK. How do I make sure to get the money back in case the person should decide to sell the house at a later time, gets divorced or whatever? Or, can I get my name on the property title? Thanks! - [Read more]

I was wondering if anyone there could give me a little advice. I am a college student, getting ready to graduate this year. I am working now, and will secure a higher paying position once i graduate. I plan to move out of state from where I am located now. I was wondering if you believe that I should rent first or buy after I graduate? Im just not sure if i should try to buy the house that I can afford on my income now, and have everything else as extra, or if I should secure a new job and... - [Read more]

I am in a land contract and I am trying to reproduce the the amortization table, but I find every amortization calculator shows a $200 difference than the amortization that was calculated in March of 2007. - [Read more]

A close friend of mine committed suicide. His family is trying to decide whether to pay off his house or continue paying the mortgage themselves. My question is, are there any provisions in a mortgage contract to pay off a house in a suicide situation? My friend was not married, and no one else was on the mortgage. Someone told me that PMI would sometimes provide benefits for suicide. But, he didnt have PMI because he put 20% down when he bought the house to avoid having to carry it.... - [Read more]