http://backend.userland.com/rss092 http://www.mortgagefit.com/rss/discuss.xml 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 sam.mortgagefit@gmail.com Sun, 07 Sep 2008 20:02:00 GMT en-us http://www.mortgagefit.com/ownerfinancing/interest-rate.html http://www.mortgagefit.com/ownerfinancing/interest-rate.html I am selling my deceased mothers home and the potential buyers want me to owner finance and charge them 6% interest. I am being told that 6% is too low, Is it? http://www.mortgagefit.com/appraisal/cancel-cashoutrefinance.html http://www.mortgagefit.com/appraisal/cancel-cashoutrefinance.html We were doing a refinance with a cash out and the appraisal came in too low to get the amount of cash that we needed. Are we obligated to continue with the transaction? http://www.mortgagefit.com/reverse/secondhome.html http://www.mortgagefit.com/reverse/secondhome.html I need a reverse mortgage on a second home . I have heard that they are now available ,however how do I find who is offering it? http://www.mortgagefit.com/quitclaim/state-property.html http://www.mortgagefit.com/quitclaim/state-property.html My dad recently had a quick claim deed done because he no longer could afford the taxes and up keep (he is 85) of this farm that has been in the family for many years. His mother gave it to him with a warranty deed. He gave it to me (recommended by his lawyer) with a quick claim deed. Deed says he sold it to me for $1. his concern now is - if something should happen to him and he has to go into a nursing home and can't afford it can the state come back and take the property? http://www.mortgagefit.com/know-how/balloonmtg-penalty.html http://www.mortgagefit.com/know-how/balloonmtg-penalty.html I entered into a Balloon Mortgage with my partner 3 years ago on a piece of property we purchased. The note was due over 120 days ago. I have send three demand for payment letters. I now have the property sold. Question is: 1. Can I charge a late penality for each month that the note was not paid in full? IE: 50,000 due 5% late fee after the 15th new amount due by the 3rd of the next month is 52,500 and then 52,500 is now due and 5% late fee again after the 15 days ...... until we close on this property? I know I can foreclose, however I need an attorney, which I am going to see next week. I am just curious as to what is my rights. Can someone just not pay you and it goes on and on? Yes, never lend money to friends..... moral of the story. http://www.mortgagefit.com/homeloan/buying-options.html http://www.mortgagefit.com/homeloan/buying-options.html I purchased a townhouse almost three years ago now when prices were very high. Now my family is expanding and I want to buy a single family home, but my delima is my townhouse is not worth what i purchased it for and i would end up owing if I was to sell now (if i could even do that with the market right now). I would like to know if there are any mortgage options for getting out of this loan if i plan on purchasing another home. IF THAT'S EVEN POSSIBLE, I'M CLUELESS, HELP. I hope u understand what i'm trying to say. http://www.mortgagefit.com/problems/shortsale-secondmtgs.html http://www.mortgagefit.com/problems/shortsale-secondmtgs.html I will run a lengthy scenario by you. I can not afford all of my loans (I am short approx $4000 monthly and have tapped my credit cards). I own 5 houses in Washington State. Two are rentals, one is for sale, those are ok. Heres where it gets tricky. Note: My credit taking a hit is not a concern, late payments already dropped it from 720 to 550. 20403 main residence. I can not afford. 1st Mtg 250k, HELOC 195k, might get 425k if sold. I want to get rid of this property. I have missed 2 payments on the 1st and 4 payments on the 2nd. What is my best option? I thought about contacting the 2nd regarding a short sale. 1713 rental. I bought it from owner via deed of trust, assuming the existing IRS lien on the home (lien is also on a lot behind the home, sold to my sister at same time). Lien is in the name of the prior owner. When I refi'd 2 years ago, a title company said lien was gone. We then had the home sold 6 months ago, but my title company found the lien! We tried a short sale but lender said they did not consider it a short sale, that I got my money and should have paid the lien. I explained title said it was gone. They still said no. Title then confirmed it was a lender only policy, so we had no recourse. The IRS would not accept 50% payoff either. So sale fail. We rented it. I want this home to go back to the lender so the IRS lien gets paid. I have missed 3 payments, assuming they will eventually foreclose, then when they resell it, IRS lien will be gone (and the lot behind it will be free and clear). Do I have any other option and am I right about the IRS lien getting paid? 12102 rental. Have a 1st and 2nd (80/20 when purchased). What will happen if I do not make 2nd mtg payments? Paid 335k, current value is 300k. THANK YOU ALL! http://www.mortgagefit.com/quitclaim/no-signatures.html http://www.mortgagefit.com/quitclaim/no-signatures.html My mom, sister, and brother-in-law are all on the deed. My sister and brother-in-law are solely responsible for the mortgage. Can my mother quit claim her share of the house to someone else without my sister and brother-in-laws consent or knowledge? This is in Wisconsin. http://www.mortgagefit.com/foreclosure/pmi-shortsale.html http://www.mortgagefit.com/foreclosure/pmi-shortsale.html I posted this question earlier in another forum but think maybe it might be better suited here..... this is really a two part question... 1) Am wondering if there is any way to tell if a homeowner has been paying pmi on their mortgage. Am looking at a property that is currently in short sale (with 3 outstanding mortgages) and heading to foreclosure. There have probably already been 7 other mortgages that were recieved and later discharged. 2.) Am wondering if this property goes into foreclosure and pmi was paid, would the banks be more willing to negotiate because they will have gotten some of their money back through pmi--and how much could they recoup?? Is it about 65% of the original mortgage or is the percentage different. I really like the house but it needs alot of work--more work than that outstanding mortgage...any help is greatly appreciated http://www.mortgagefit.com/problems/homeloans-shortsale-dil.html http://www.mortgagefit.com/problems/homeloans-shortsale-dil.html great site and great people, I will run a lengthy scenario by you. I can not afford all of my loans (I am short approx $4000 monthly and have tapped my credit cards). I own 5 houses in Washington State. Two are rentals, one is for sale, those are ok. Heres where it gets tricky. Note: My credit taking a hit is not a concern, late payments already dropped it from 720 to 550. 20403 main residence. I can not afford. 1st Mtg 250k, HELOC 195k, might get 425k if sold. I want to get rid of this property. I have missed 2 payments on the 1st and 4 payments on the 2nd. What is my best option? I thought about contacting the 2nd regarding a short sale. 1713 rental. I bought it from owner via deed of trust, assuming the existing IRS lien on the home (lien is also on a lot behind the home, sold to my sister at same time). Lien is in the name of the prior owner. When I refi'd 2 years ago, a title company said lien was gone. We then had the home sold 6 months ago, but my title company found the lien! We tried a short sale but lender said they did not consider it a short sale, that I got my money and should have paid the lien. I explained title said it was gone. They still said no. Title then confirmed it was a lender only policy, so we had no recourse. The IRS would not accept 50% payoff either. So sale fail. We rented it. I want this home to go back to the lender so the IRS lien gets paid. I have missed 3 payments, assuming they will eventually foreclose, then when they resell it, IRS lien will be gone (and the lot behind it will be free and clear). Do I have any other option and am I right about the IRS lien getting paid? 12102 rental. Have a 1st and 2nd (80/20 when purchased). What will happen if I do not make 2nd mtg payments? Paid 335k, current value is 300k. THANK YOU ALL!