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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
- what is the interest rate for a owner finance sell?
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?
- Can a borrower cancel the refinance process due to a low appraisal
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?
- reverse mortgage
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?
- With a quick claim deed, do i own the property free and clear?
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?
- I am the Lender of a Balloon Mortgage, that was due over 120 days ago, can I ...
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.
- HOW CAN I GET OUT OF MY CURRENT MORTGAGE IF MY HOUSE IS WORTH LESS THAN I PUR...
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.
- pmi and foreclosure
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
- Should we wait to transfer the property to our names till after we build on it?
Should we wait to transfer the property to our names till after we build on it?...my fiance's parents would like to give us proptery they bought a couple of years ago so we can build a house on it. The property is in New Jersey and we have not started to build on it yet. What is the easiest way to get this done? Should we start building before this is completed?
- need advice on a loan
property-$158,000 (8 acres)
New Modular- $100,000 (4 bdr)
Site work and misc. $20,000
Have $130,000 in cash! Need one loan, but 2 seperate transactions!
- What kind of loan will purchase property, then purchase a modular home with a...
What kind of loan will purchase property, then purchase a modular home with almost half $$ Down!
property-$158,000 (8 acres)
New Modular- $100,000 (4 bdr)
Site work and misc. $20,000
Have $130,000 in cash!
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