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 purchased a house with my boyfriend. we broke up recently and i moved out. he still lives there and i want my name off of the house. there wont be any hassle because were both still very close but is there any way around it other than him paying me half of what its worth? i know he doesnt have the money to do that plus too much has happened for me to even care. i just want it out of my name! (i live in Pennsylvania, if that he... - [Read more]

I need help finding a lender that will accept 10% down on a conventional loan? For retirement purposes, wed like to purchase our 3rd and final home but cant find a lender that will accept 10% down. Every lender weve tried is asking for 20% down. Our credit scores are 725, 730 andamp; 695. Any help is appreciated. - [Read more]

we did not go to a escrow company to sign papers we just filled them out and sent them back in to the mortgage company. Are we responsible for real estate and insurance on the house still, also Is this going to effect our taxes when we file in January ? The mortgage company said that we would be free and clear of everything. - [Read more]

Hi, I am now 1 month late on paying my mortgage/property tax bill. I am being sent a packet to fill out from Wells Fargo Mortgage to see if they will grant me a deed in lieu of foreclosure. I have my Honolulu condo on the market with no offers for 11 months then off the market for 6 months and now back on again for the last month at a short sale price. Property is unsaleable due to huge increase in maintenance fees and lease rent (leasehold property). I have had no income for the last 8... - [Read more]

I am currently renting a home in Florida thats under a short sale contract to an investor. That contract will close in the next 10 days and he will own the house. I want to purchase it from him but I am running into a minimum of 90 days seasoning required. Has anyone found a lender in FL that is willing to do no seasoning loans? My only downside is that I only have 5% down (House is approximately 335k). My credit is extremely good (750+) and my family income is high enough to get these... - [Read more]

I went to contract on new construction for a home Sept. 2007. The cost is $664,000.00. I placed a deposit of $70,000.00, and paid for all my extras upfront (a total of $100,000.00). My current credit score is 740. At closing I will be paying a total of $200,000.00 cash, and the taking a mortgage out for the remainder. My contract stated the house would be completed in July 2008. It was, for reasons unknown to me, the builder dragged his heels in completing my home. Up until August 2008, I... - [Read more]

Our family currently has a 7-year arm that we are four years into. We are locked in at 4.875% but it will adjust in three years. The financial decision on whether we should refinance to a 30-year loan is very complicated and I was hoping you guys could help. We dont know how long we will stay there but we have no plans to move. Im not an expert on this but here is my pros/cons breakdown as far as I understand, any advice would be appreciated: Pros: - Lock in at a low rate now for the... - [Read more]

Five years ago my dad and sibling purchased a home together and my dad unexpectedly passed away a couple of months after the purchased and Ive been helping my sibling with the mortgage ever since. We now want to do a refi but my sibling wont qualify unless I become a co-borrower. It is my understanding that I would have to be added to the title/deed of the house in order to refi and my question is will the IRS hit me with a gift tax on the equity that has been built since the purchased? - [Read more]

hello, The IRS says I owe them 80k, I owe 50k for my house the house is worth around 140k to 170k. My question is can i sell the house to my brother in law for 140k and pay them off with the money? please help this has been going on way to long started out at 50k now its up to 80k!!! - [Read more]

Hi all, Please look at my scenario and advise. Here are my loan details. I have two loans Loan 1: 5/1 ARM. $417,000. resets on 6/2012 Loan 2: HELOC. $85,000 I bought the house at: $558,000 Current value: $480,000 The lender has given me an offer to refinance and consolidate both loans. The loan would be for 95% of 480,000=$456,000. It would be a 30 yr fixed at 5%. So my cash out of hand now would be $54,000. This is in addition to the cash I already put down when I bought... - [Read more]

Hi, Living in the UK, Sometimes I am very confuse with yearly rate fixed, and change of rate? as I am not guru in Financial and how to calculate the mortgage along years. Also, if there any one could help or advice about taken a mortgage in this time with economy crisis. Would Appreciate your help, Many Thanks, F. A - [Read more]

Is there anyone out there that can help with adjustable rate mortgages on investment properties?...Hopefully someone else can help here. I bught these places thinking the rental business was nealry free money with little or no work to it at all. Now after 4 years and adjustable rates being in effect for a year I have no where to turn. I have searched high and low, but I dont know what it is that i am looking for maybe some type of low interest consolidation or??? Please help dont know how... - [Read more]

My husbands name is on mortgage of property transferred by quit claim deed to ex-wife. What recourse is availabe to him if she defaults or gets behind on mortgage payments?? We dont need his credit rating damaged by her inability to handle her money. His lawyer did not include time to refinance in the divorce decree....or explain to him we are responsible for her not paying mortgage..can we sue the lawyer for not providing info he needed to make that decision? - [Read more]

Hi. My fiance and I are in the process of buying our first home. It is a foreclosure and is bank owned. We accepted their offer in November sometime and have been ready to close. The lender told us we should close early. I think he said Nov. 30th. Our date on the contract was Dec. 3rd. Weve gotten everything ready on our end to close with the loan officer and everyone. But, weve been waiting on a quitclaim deed FOREVER. We were supposed to have closed weeks ago and the loan officer... - [Read more]

If 5 siblings have their name on deeds for 4 properties(no mortgage-paid full), is it possible for one party to get a line of credit or refinance for cash, their fifth of the property if the others are OK with it or do all parties have to apply for the loan? - [Read more]

my mother in law just signed over a quitclaim deed to my husband, her son, on 11/20/08. Thru internet search on local tax collector website I found that she took out a MORTGAGE FOR USE WITH SECURED REVOLVING CREDIT AGREEMENT. What does that mean to him as being the owner now if she defaults on this line of credit? and will we get a deed in his name? - [Read more]

I am a first time buyer looking to purchase next month. Situation: wife has a fico 0f 740+, I have a 689. I have a student loan account in andquot;special billing arrangementandquot; which lists 120 days behind according to the trade line. In march it will revert to an account in good standing as a result of making 12 consecutive on time payments as per the andquot;special billingandquot; arrangement. Our debt to income is at 38%including the prospective home. We have very stable employment... - [Read more]

I have a contract to buy a house, the seller and primary mortgage holder agreed to the terms of a short sale. Nearing closing the title company found an undisclosed second mortgage and that company is dragging its feet in releasing its lien on the property to allow the sale. Do I have any option to force the sale, specific performance suit, or just have to wait things out for the second bank to give in to the sale? Thank You - [Read more]

IF TWO PEOPLE ARE LISTED ON THE HOME TITLE AND THEY ARE NOT MARRIED, CAN ONE PERSON BE GRANTED A HOME EQUITY LOAN - [Read more]

theres a house going for auction today need money is it to late to buy need to borrow 85.000 Ihave 40.000 - [Read more]