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

Ive been living with my grandfater for 8-9 years. A few years ago he took out a reverse mortgage on his house/poperty. He recently went to jail and I wanted to know what happens with the poperty since he has the mortgage reversed. I also want to know how exactly I would go about gaining ownership of the property. Thanks a lot. - [Read more]

My credit is bad, so when I wanted to purchase the house I was renting, the owner was willing to andquot;owner-financeandquot; it. In effect, I was making her payments for her.....she just wanted out from under it. We had a contract drawn up by an attorney who filed it at the courthouse in Sept. 2007. In Aug. of 2008, I found out that the andquot;ownerandquot; had not been paying the mortgage company and the loan was going into default. When I contacted her, she said she had had to file... - [Read more]

On a credit union website they have a loan consultant that suggests loans that would be suitable for what state in their questions. Based on what I entered, they gave the options of a 30 year fixed mycommunity loan (6.375% APR) or a 30 year fixed FLEX 97(5.125% APR). So far all I can gather on the difference is the interest rate. Can anyone give me the any other specifics on the differences? - [Read more]

I currrently have a 30 FHA fixed mortgage at 5.875%, is it worth me refinancing?...I have only been paying about 6 months on the mortgage so far and am unsure as to how long I will be staying in the house due to uncertainties with work, probably at least 3 years though. I have seen rates in the upper 4% range and unsure if the small drop in interest rate with the potential short term that I will be here if I would benefit from the refinance. - [Read more]

We are at a loss as to whom to turn to for help. We did see a financial advisor but I dont think his advice was sound. We have two homes and a lower hours @ work due to economy. One house has been for sale for over a year and the other has been on the market for 4 months. We have been constantly late on our primary home mortgage for several months but not more than 30 days. More like 28 days. The other home we rented out several months ago. To top it off our employer changed health... - [Read more]

I have 190k at 5.75% 30 yr fixed on my first mortgage and 42k on my second HELOC. Ive already made monthly payments on these loans for 5 years. My house is worth about 250k now. Id like to refinance, but dont know when is good time to do it and what kind, rate should I get. Thanks in advance. - [Read more]

OK, I was recently approved for a $375k home mortgage and I locked in an interest rate (5% with 1.5 points) with a bank a few weeks ago. I am supposed to close with them next week. However, interest rate continue to fall and I now feel that my timing for the lock was not so good, as it seems I can now get the same or lower rate without paying any points. I know this sounds greedy, but in todays competitive mortgage market, if my current lender does not agree to work with me on giving me a... - [Read more]

I apologize in advance if this was covered somewhere--I tried searching and looking at subject headings for the answer to my question but could not find anything related. First Question: If I am successful at closing a short sale through my lenders approval, how does this affect the credit of my wife, who is a co-borrower and joint owner on the deed? In other words, once banks report the Short Sale to the credit bureaus and its time to get dinged, who gets dinged? Do we both, or just... - [Read more]

Hello! Would like to congratulate to you with coming new year! - [Read more]

i want to give a property to my family as gift ( son,wife,brother ) what is the policy if i don t want to pay tax,and i f i have to pay what is going to be.I purchased this unit for $270,000+gst and now in this market nobody buying it,last year price was 400,000.this property bought for investment and was rented out for two years.my email andquot;peaceandfreedom55@hotmail.comandquot; [Link deactivated as per forum rules.... - [Read more]

I have a first mortgage, 30 year fixed at 5.37%. I owe around $144,000 on that one. I have a home equity loan on which I owe around $24,000. I would like to combine the two and refinance at the lower rates offered right now, around 4.96%. That means I would need to refinance for around $168,000. My home is only worth about $130,000 right now. Is it not possible to only refinance (no cash) with no equity? That doesnt make sense, that is what I was told by my current mortgage lender... - [Read more]

My mother and father, my wife and I, bought a piece of property 7 years ago in California that is held in joint tenancy with all of us listed on the title. This property is the principle residence for all of us, with two houses on it. We have all contributed equally in terms of purchase cost, mortgage payments and property expenses. I understand that when any of us pass away, title passes to the remaining owners. The rest of my parents estate is held in a living trust. My question is... - [Read more]

Hi, We are looking to refinance without cash back, our note(s) in the state of Texas. Here are the particulars: 1. We bought our home four years ago with an 80/20 loan ( 1st - 225k, 2nd - 56k). We currently owe $214k on the 1st and $50k on the 2nd. 2. Approximately 2 years ago, we built a pool and took out a 3rd (?) for 50k. The documents say it is a Deed of Trust, but specifically state andquot;this is not a Same as Cash Option Loanandquot;. We currently owe approximately $47k... - [Read more]

loan amount $405,000 house valuse 950,000 can i get 30yrs fixed my current rate is 8.5%adjustable house current rent for $6000/ a month - [Read more]

How do you know if all is legitmate without an agent - [Read more]

My sons name is on the note and deed as joint tenants. He does not live in the house does not pay anypart of the mortgage or taxes. Can I remove his name from the deed and note without having to refinance? - [Read more]

What verbiage would a typical due on demand clause contain? - [Read more]

I was divorced from my husband last summer and was awarded a property he owns in Florida, he was suppose to have it transferred to me in November this year I currently live in Florida but not on this property, he is over due to getting me the deed. He says he has to pay the back taxes before he can transfer the deed to me, Is that true? I spoke with a Title Attorney here in Florida and he said that a title in Florida can be transfered and the back taxes will just follow it, is that true... - [Read more]

I currently have an investment property that appraised in 2007 at $176K, which has a first and second totalling $150K against it. The financing is 30Y fixed conventional, $126K @6.75% and $23K @9.92%. Is there anyone who can help me get the whole thing (no cash-out) refinanced at rate close to 5%? It is rented and I have good but probably not excellent credit. (Havent pulled lately.) Thanks, R - [Read more]

hi there, My father and his ex wife are on a deed via quit claim deed. she is no longer talking to him and refuses to discuss what to do with the house regarding refinancing with him. Now my question is can he quit claim his half of the interest of his property to me without her permission? that way she would have to deal with me when he dies. my father and his ex wife are on the loan together. thanks - [Read more]