The MortgageFit Community holds weekly discussions on various issues through their Community forums.
January 25, 2006 (Press Release) --
The MortgageFit Community holds weekly discussions on various issues through their Community forums. People from all around the globe get the opportunity to share their views, experiences and discuss their problems through active participation in forums. Some of these discussions that are quite common in our everyday lives are provided below.
Information on quit claim and novation
Question: Wife and I are going thru divorce. Wife will not sell condo (jointly owned). Will quitclaim deed free me of financial obligation and title responsibilities?
Answer: You can only transfer property share through quit claim deed, but if you want to transfer mortgage with the property than you need to undergo a novation process. Novation is a process in through which the mortgage gets transferred from the original borrower with the approval of ……………. More (http://www.mortgagefit.com/discuss/quitclaim-indivorce.html)
Estate Living Trust
Question: My dad deeded 50% of his property to me (I own the other 50%) He wants an Estate Living Trust processed. How does this benefit me? Who process this Estate Living Trust? My dad or me? Can it be changed at anytime? If so, by whom?
Answer: A living trust is created to hold the ownership of person during his life time and is distributed to the heirs after the grantor death. A trust helps in property management and if you have all the property in your living trust then probate is ………….. More (http://www.mortgagefit.com/discuss/estate-livingtrust.html)
Credit problem - Effect on my home loan.
Question: Will the credit problems of the past have any impact on my chances of getting a home loan, if yes how?
Answer: Credit problems of the past does not mean that you will not a home loan but because of your credit problems, lenders may consider you a risky borrower and may be charge you a higher interest rate. Another problem that you can face is that there are not many ………… More (http://www.mortgagefit.com/credit-rating/creditproblem-homeloan.html)
What is Consumer Mortgage Protection Act?
Question: I wanted to know about what types of transactions are included as mortgage loan transactions under the Consumer Mortgage Protection Act?
Answer: Mortgage Protection Act covers home improvement contracts which are secured by first liens, refinance transactions etc. There are certain loan transaction that are not covered by this act like reverse mortgage, loans in which the loan proceeds are used to purchase a …………. More (http://www.mortgagefit.com/discuss/cmpa.html)
Manufactured home
Question: What is the purpose of a Title I manufactured home loan? What are the eligibility criteria for the loan?
Answer: This type of loan can be taken for the purchase or refinance a manufactured home. And this home should be the primary residence of the borrower. The eligibility criteria for this type of loans are that the borrower should have enough funds to make 5% down payment and should be able to prove his …………….. More (http://www.mortgagefit.com/discuss/manufactured-home.html)
Information on quit claim and novation
Question: Wife and I are going thru divorce. Wife will not sell condo (jointly owned). Will quitclaim deed free me of financial obligation and title responsibilities?
Answer: You can only transfer property share through quit claim deed, but if you want to transfer mortgage with the property than you need to undergo a novation process. Novation is a process in through which the mortgage gets transferred from the original borrower with the approval of ……………. More (http://www.mortgagefit.com/discuss/quitclaim-indivorce.html)
Estate Living Trust
Question: My dad deeded 50% of his property to me (I own the other 50%) He wants an Estate Living Trust processed. How does this benefit me? Who process this Estate Living Trust? My dad or me? Can it be changed at anytime? If so, by whom?
Answer: A living trust is created to hold the ownership of person during his life time and is distributed to the heirs after the grantor death. A trust helps in property management and if you have all the property in your living trust then probate is ………….. More (http://www.mortgagefit.com/discuss/estate-livingtrust.html)
Credit problem - Effect on my home loan.
Question: Will the credit problems of the past have any impact on my chances of getting a home loan, if yes how?
Answer: Credit problems of the past does not mean that you will not a home loan but because of your credit problems, lenders may consider you a risky borrower and may be charge you a higher interest rate. Another problem that you can face is that there are not many ………… More (http://www.mortgagefit.com/credit-rating/creditproblem-homeloan.html)
What is Consumer Mortgage Protection Act?
Question: I wanted to know about what types of transactions are included as mortgage loan transactions under the Consumer Mortgage Protection Act?
Answer: Mortgage Protection Act covers home improvement contracts which are secured by first liens, refinance transactions etc. There are certain loan transaction that are not covered by this act like reverse mortgage, loans in which the loan proceeds are used to purchase a …………. More (http://www.mortgagefit.com/discuss/cmpa.html)
Manufactured home
Question: What is the purpose of a Title I manufactured home loan? What are the eligibility criteria for the loan?
Answer: This type of loan can be taken for the purchase or refinance a manufactured home. And this home should be the primary residence of the borrower. The eligibility criteria for this type of loans are that the borrower should have enough funds to make 5% down payment and should be able to prove his …………….. More (http://www.mortgagefit.com/discuss/manufactured-home.html)
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