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There has been a forum discussion where a poster has asked if he can qualify for an FHA-insured loan as he is self employed. The loan officer, he talked to, said he would not qualify for the FHA loan unless he does a Statement of Income and shows considerable amount of money in the bank. Alternatively, he can also have a co-signer to qualify for the loan. The poster currently lives in a 3-family home and wishes to use the rental income to qualify for the new loan. His questions are:

With the rising number of foreclosures in the country, many of the struggling homeowners are opting to file bankruptcy as a means to get rid of their unmanageable debts. Queries related to bankruptcy are quite common in the forums these days. Here’s one such query on which the community had a discussion recently:

The burst of the housing “bubble” has caused many a change in the housing and mortgage market. Many of the first time buyers are now skeptical about their chances of getting a home loan in this depressed economy, even though they possess good credit scores. Here’s what one such first time buyer has described about his situation and asked the community whether he stands a chance to qualify for a mortgage:

Given the depression in the economy, many borrowers are uncertain as to whether they can meet the stringent underwriting guidelines and qualify for a particular loan program. Debt-to-income (DTI) ratio is one of the key factors that determine a borrower’s eligibility for a mortgage. In a forum discussion at MortgageFit one of the posters asked the community about her chances of qualifying for a home loan with a high DTI ratio in this market.

There was a forum discussion, where the poster wanted to do a deed in lieu of foreclosure on his house as he had to leave the property and move out of state. His house was destroyed by Hurricane Ike and he had to relocate to a different state for a new job. The poster could not afford to make payments on the mortgage anymore and wanted to sign over the property to the lender through deed in lieu. But the lender said a deed in lieu was not possible since the loan was insured by FHA.

With many of the homeowners feeling the pinch of economic depression, loan modification has become one of the most sought-after options to avoid foreclosure. Recently there has been a forum discussion that focuses on an issue, where the lender charges off the second mortgage even after approving modification of the loan.

Of late, I came across a query in the forums, where a husband sought suggestions from community members regarding collection of a second mortgage debt. His wife took this mortgage before their marriage, solely in her name. After her property was foreclosed, she was sent a 1099-A form and she thought the lender had canceled the debt. But she was surprised when she came to know 2 years later that the ‘canceled debt’ has actually been sent to collections!

Her husband asked a few queries, which are as follows:

Hi all,

Hi all,

Here's wishing you all a Happy and Prosperous New Year. May all your dreams come true !

Hope you'll all Enjoy and have a Great Year ahead :) May you live in peace and harmony.

The Community is soon going to introduce Ranks - "Community Mentor" and "Community Experts".

The ranks will be awarded to professionals for their valuable participation in different community activities. Currently, we are going to short list a few members on the basis of some preliminary criteria.