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

My husband and I did not have credit scores two years ago and wanted to buy a house. So we had to establish credit. We now have a little credit, none bad with the exception of there being a lack of and we both are in the 650s credit score range now. We want to buy a house now, have excellent income between the two of us and even have a home picked out that we both love and are confident we could afford. Having said all this the next step, getting prequallified, is so overwhelming and we dont... - [Read more]

First Time homebuyer no credit, no doc, no FICO can a purchase take place Is it possible for a first time home buyer to purchase a home, no credit, no doc, no FICO score, can a purchase take place? - [Read more]

What is an "foreclosure prevention counselors" and how would I get one? Good question, and hopefully this article from TwinCities.com will help clarify a few things...

Do you fear foreclosure will cause you to lose your home?

Help is on the way.

On Friday, members of a private-public partnership announced that an additional $1.8 million will be available to fund foreclosure prevention counselors.

The... - [Read more]

First of all, you need to be aware that a mortgage lender can foreclose your home for two reasons. The first one is defaulting on your payments. Generally, lenders will issue a Notice of Default if you miss three mortgage payments consecutively. Another possible ground for foreclosure would be a violation on a major regulation or policy of the lender.

What You Can Do
However, in most cases, the reason for a home foreclosure is due to a default in payments. For some home... - [Read more]

Participating in discussion forums can mean profit for your business. How so? Any business... - [Read more]

Here is a headline you would not want to see if you worked for Freddie Mac: "Freddie Mac Reports Third Quarter 2007 Net Loss of $2.0 Billion or $3.29 Per Diluted Share".

Ready for some crazy numbers?

Freddie Mac FRE today reported a net loss of $2.0 billion, or $3.29 per diluted common share, in the third quarter of 2007, compared to a net loss of $715 million, or $1.17 per diluted common share, for the same period in 2006. The company also reported a decrease in... - [Read more]

my sons future father in law is very well off and He has offered to give my son and his daughter a mortgage at fixed 6% 30 year term instead of them going to a mortgage company or a bank. He said it would be completely legal and done up with a contract. Do you think my son and future daughter in law should take him up on his offer and is there anything my son should know before doing this, also this would be their first home - [Read more]

my husband and I both have bad credit, we are renting a home and have to purchase it by 2009, everything on our credit is collections and charge offs, what is the best way to achieve this. we have a combined income of 110,000. advise on how to settle and clear our credit and get our scores up - [Read more]

Hello all, My chapter 7 bankruptcy was discharged a little more than a year ago and Iam wanting to purchase a home in the near future. I understand that FHA looks at the reasons for filing and Im trying to figure out if I have a leg to stand on....I was going through a divorce and my ex filed chapter 7 to avoid responsibility for a home we owned that was up for sale. Therefore, the entire payment etc would fall back on me. Also, does it help that I have someone with good credit getting the... - [Read more]

After the crisis of bad credit and filing for bankruptcy, perhaps you may feel intimidated of starting up new transactions. For instance, you may feel disheartened about purchasing a new home because of your bad credit history. However, even if you have a record of bankruptcy in your credit report, there is still a chance... - [Read more]

Hello I have a 1st and 2nd mortgage, both adjustable high rates, and my credit has gone down the tubes this past year, I have 2 late payments this year is there any where I can get help to lower my payments so I can save my house. I do have some money in my 401k and used to have great credit. Any advice. Thanks Ann - [Read more]

That is a good question and I would like to know the answer. Luckily the people over at The Financial Times has an article with the same title...

First, the good news. The US housing slump is unlikely to drag the US economy down very much. It is true that up to now, the major source of weakness in the US economy has been the housing sector. At the end of Q2, 2007, the Federal Reserve Board reported the market value of the US residential... - [Read more]

I have an unpaid debt from my previous marriage (my ex went through charge off) and the court issued a judgment order. I dont have enough to pay off the entire balance but I will be paying monthly on a part of the balance. I have been maintaining 4 credit cards with regular payments at times, with more than minimum payments or 2 cards. How is this judgemtn going to affect my current score and the credit cards? I have been able to raise my score by 125 and the thought of again going down... - [Read more]

What are TX laws, if any, to avoid foreclosure when the home owner died and the will still has to be probated?--no operating capital to pay mortgage? - [Read more]

How do I add my name and my 2 sister to the deed of a house owned by my mother who died 4 month ago?...My mother died 4 months ago in Kansas. She was ill and lived with me at the time. I live in kansas. She willed her house ( rented out and no intention for sale for at least 2 years) in Maryland to my 2 sisters and me. How can I do this( ie add my sisters and my name to the deed of the house)in the most simple and economic way and is there a time limit to get this done? - [Read more]

We own an acre of land, a small part of which is located across a culvert adjacent to a farmers field. This farmer also has a small piece of land across the culvert on our side adjacent to our one acre. While renting out this property (sometime within the past year) the farmer assumed our property across the culvert adjacent to his property (without our permission) and is now farming on it. We have not assumed his property yet, but would like to...the two properties are approximately the... - [Read more]

I financed a condo in 2005 with a 5.75%, fixed, 5 year interest only ARM. I also have a 30 due in 15 for the remaining 20% with a different lender. The primary loan will reset in 2010 and Ive asked that lender to convert it to a 30 year fixed at current market rates. They refuse to do it because the value of the property has decreased due to the current mortgage mess the country is in. It doesnt make much sense to me since they are already holding the loan and are exposed to the same risk if... - [Read more]

Received my house from my ex via divorce by a Quit Claim Deed. She holds a mortgage on it but I pay and maintain. I was recently diagnosed with cancer and like to know...can I turn around and Quit Claim Deed to my Son? - [Read more]

This guy has given goof info about Loan Modification although this vedio is a bit self promotional. This vedio will help you to understand how loan modification works. - [Read more]

I am in the situation of being one payment behind since about November on my mortgage payment. I have called a couple banks trying to utilize the fha secure expansion program, but nobody seems to know what Im talking about. My credit keeps getting worse because everything is going to my mortgage payment. I have about 26,000 in equity on a 156,000 home. I hear that my credit score needs to good in order to get an fha loan. I wouldnt have thetype of loan that I do if I had a good credit score.... - [Read more]