Your Questions About Check My Mortgage Loan

Donald asks…

Underwriters/ Mortgage brokers?

I went to a real estate brokers office to apply for a mortgage loan about 10 days ago and still no answer, he told me not to worry about that he had an “in house mortgage” and I was already approved but he was going to present it to a couple of banks anyways. My question is, do these broker offices have their own underwriters and if so why would the bank take so long to give us an answer? Or did he just say I was approved without even checking and the bank has their own underwriters who will verify all information? Also, how do the underwriters feel about 1099’s? I get paid cash but my employer gives me a 1099 every quarter.

admin answers:

You should simply go into your local bank and apply. You will get better service and be able to work with a mortgage rep that will handle your deal from start to finish. 1099s fine, but they will need your tax returns also. If the guy has not even seen your returns, they he is just assuming you are going to be approved.

Chris asks…

Who do mortgage companies answer to?

Lost my job in October, have been paying late..but current. Central Mortgage has sent us a letter of default claiming that we owe over 4K. We also have copies of all the canceled checks. We keep getting the run around. can’t speak to any one. When you press “9” to speak a loan representative, they leave you on hold for an hour and then automatically disconnect you.

admin answers:

I agree that a certified letter is a good start. Or go on the Central Mortgage website and see if there are some insights there on how to talk to a real person. I heard of one person calling their local elected official and the borrower received a call from someone at their bank the same day.

I suspect the $4,000 is late fees and other stuff they have tacked on, but that seems really excessive.

William asks…

My finance and I are looking for a bank that still offers a Stated Income Loan.?

We had one set up a year ago through our bank in which we also use for personal accounts such as checking,savings,auto,etc. We were approved, but could not find a house in which we were truly interested in. We finally found one and went to that same bank and they said that they did not offer that type of loan anymore. Now keep in mind we are self-employed and simply cannot prove all income on paper,but it’s there. We did not qualify for a conventional mortgage loan so are in need for some help. We are currently renting and are looking forward to buying our first home, if this is possible. Also, we live in Ohio. Does anyone know of a good bank and or mortgage company that still offers stated income loans. Also keep in mind he has a 760 credit score and we are able to put 20% down. thank you!

admin answers:

You just need to show your income tax returns. You should not have a problem.

James asks…

I’m waiting to hear if I am approved for a home mortgage by the end of the week.?

I know the final approval will come after the appraisal. Is it possible that my credit and background checked out and now the bank is going to see if the loan amount is worth the house?

admin answers:

THe loan is in underwriting now, it sounds like this is the first underwriting decision, so right now the underwriter is verifying that everything submitted to them matches the terms of the preapproval or automated underwriting findings. When you get teh approval tomorrow if everything checked out they will just need the appraisal to verify the market value and loan to value ratio, if they still have questions about what was submitted they may ask for more info or docs to clarify. Don’t fret, as long as the application taken was truthful and matches what you gave your loan officer you’ll be fine.

Robert asks…

When landlords check credit, what score are they looking to find (at least)?

What score are apartment complexes and landlords usually looking for when they run your credit?? My credit is REALLY bad BUT I am working on it (I have raised it about 60 points and I am STILL in the High risk range LOL (yeah, it was that bad…)

Are they looking for a 650? a 730? a 780? Or is it more about how much debt you owe people and if you have any evictions, bankruptcies, foreclosures, and other MAJOR flaws?

My credit is bad mostly because of student loans and medical bills. I have never HAD a car loan, mortgage, or bankruptcy. I’ve never even had a credit card!! I’ve never had to go to court.

So in this case, almost because I nearly have no credit (I haven’t took out a loan for school since 2008, so really I haven’t had any activity except paying for things since 2008) is it almost like having no credit?

admin answers:

Each landlord is going to have a different threshold as far as what they would want for a credit score. Some are mainly looking for evictions and judgments on your report.

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Your Questions About Check My Mortgage Loan

Richard asks…

Buyers paid earnest money with stopped check, held the property for 2.5 months and now they are walking away?

I had buyers to a property I was preparing to sell. They signed an agreement and they begged me not to cash the earnest check because they were getting mortgage for the full amount. I did hold the earnest check for 2 months.

Everything passed, inspection, appraisal, their loan, everything was set.

5 days before closing they informed me that the closing company has a problem with the title and it will be fixed in couple of weeks (the closing was scheduled for June 24th). Two days later they asked to move at once to my property before closing. I said while I am not obligated to do so, give me a week and I will be glad to help.

Note.. all communication were documented

The buyers a day later said they will postpone the closing for a month, to which I agreed. but then a day later they sent a message stating they are walking away from the deal because of the delay

When I tried to cash the earnest check it bounced back

The closing company informed me that they worked out the problem and they are ready to close. Only problem is that the buyers changed their mind and don’t want to close fr no reason.

The sales agreement states that I have 30 days to cure any problem with the title, and it was cured in under a week ( a typo on my deed), yet the buyers are insisting that they will walk away

The buyers spray painted my front steps without my knowledge when they were scheduled to close on the property and now I have spray paint all over my brick wall and steps and rail.

The buyers paid the earnest money ($2000 with a stopped check) thinking it will allow them to walk when ever they feel like it

The buyers held the property for close to three months and now they don’t want to close because their own closing company delayed the process by two weeks

Am I entitled to sue them over the earnest money, damages to the property and bank fees for the bounced check?

Thank you greatly for your help
They were approved. The house was appraised for much more than I was asking for. We were 4 days from closing when they informed me that there was a typo on my original deed and that their closing company was working on it. The closing company fixed the problem in under 2 weeks. Yet they just want to walk away now and since they paid the earnest with a stopped check they thing they can get out of the deal easily. The sales agreement states that if there were a problem with the title I have 30 days to cure it. The typo took less than two weeks to cure. Now that they damaged the property, held it for almost 3 months they want to walk away. Please help.. I am both shocked and desperate for answers. What to do
I wanted to add that the buyer was a former student of mine, that is why I trusted them with the check thing. I was not being stupid. I was getting ready to list it when they came to me and said they want to buy it (she and her fiancee). I really was not being cheap.. Just too trusting I think 🙁

admin answers:

I’m truly sorry this has happened to you and just know that there are a lot of Sellers this is happening to as well. But as usual, it is not only “Buyer Beware” but a very much needed “Seller Beware” when it comes to a For Sale By Owner such as this. If you had an agent, then there is more to this than meets the eye.

Although you had a signed contract, the Earnest Money Deposit should have been put into an Escrow Account. Second, it is not a good idea to let a buyer move into the property that you still own. In your case, you were being very nice but the buyer ran all over you in the process. When a Buyer wants to run the transaction, Sellers really need to be on their toes and figure out why. Usually a Buyer who does that has an ulterior motive even when they seem to be the nicest.

You can take them to Small Claims Court and not only sue for the $2,000 Earnest Money Deposit (which would be considered Liquidated Damages) but also for the three months they lived there rent free and for property damage. You can also ask for court costs. Make sure that when you go to file at the courts you have all the documentation including phone calls, dates, times, who you spoke with, emails, notes, requests made,etc. This will help you prove your case.

If there were any agents, Realtors involved you can also sue them for damages but make sure you send a Certified Letter to all parties involved so they will have to sign saying they had received. You can sue the Buyers agent/Realtor and Buyers Broker, send a certified letter to the Board of Realtors which will also investigate and if they find something they can either put a complaint in each of the agent and brokers files, fine both the agent and broker, suspend the license of the agent and or broker or even revoke licenses. This is considered fraud so be very aware of what you are getting into. You can ask the paralegal in the self help division of the court where you live if you can not afford a real estate attorney.

Both parties (Buyers and Sellers) entered into a legal and binding contract.

Paul asks…

NEED SOME HELP WITH A loan modification fraud CALLED PARADIGM PROPERTY?

MY MOTHER RECENTLY PAID A loan modification COMPANY 2.500$ TO HAVE HER HOUSE PAYMENT REDUCED AND THEY NOT ONLY TOOK HER MONEY BUT THEY ALSO MESSED UP HER CREDIT AND I CHECKED IN WITH MORTGAGE COMPANY AND IN THE 3 MONTHS THEY NEVER CALLED OR EVER CONTACTED HER MORTGAGE COMPANY TO ATEMP A SETTLEMENT … WE JUST NEED TO KNOW WHO DO WE CONTACT FOR HELP WE WENT TO A LAWYER BUT HIS CHARGEING 2.200$ WERE IN LAS VEGAS NEVADA …

admin answers:

Try the state Atty’ generals office

Charles asks…

using fake check stubs and w2?

my friend used fake check stubs and w2 to get a 40,000 loan from a mortgage company to buy a house,and did not get caught,just wondering how this got thru the cracks,also he did not have someone on the inside to help him

admin answers:

Oh don’t you love dishonest people? It makes it harder for those that are honest to get anything.

I don’t know how he did it..but it will catch up with him….things like this do. It is called FRAUD! It is punishable by fines and jail.

I hope you have more character than your “friend”…..he doesn’t’ sound like he could be trusted with much…….once a liar and thief….always one.

Chris asks…

Approved mortgage but afraid i will get turned down now.?

ok well they know it is on my credit but for some reason they reposted it after i applied for a mortgage. my income has not changed and i have not opened any new line of credit. i even gave them a letter of why it got repoed (they wanted that.). but now my score dropped to below 600. I should still get the loan if they already approved me correct even if they check my credit befor closing again.

admin answers:

No, with your score below 600 you aren’t getting a loan.

They keep checking, up until closing. Your drop disqualifies you.

Donna asks…

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times regist?

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times registered mortgage loan.2001-2003. In addition we gave him power of attorney,and a sale deed for 4 lacks to his wife on the same date as wellas security five blank cheque also. He misuse his power to transfer the property to his wife31/3/2003 and filed a criminal case against my brother with the five blank cheques. We cancelled the sale deed on the date 21/5/2003 in between he pay the full stamp duty sec 47a at 3/9/2003. Is the sale deed valid? He had no right to pay the incomplete stamp duty. Is the sale deed valid? We published it in a newspaper and send him lawyer notice also. We filed against him a civil suit of fradulent transaction in 2003. Since 2003 my young brother has been suffering with the cheque case which he gave on behalf of my family. He is innocent. He is suffering in the hands of law for the past nine years. The additional sub court enquired the civil case and gave verdict in favour of the asuran. Innocent people and those who unaware of the law and it loopholes suffering like me. Now I have appealed to the District Court against the lower court judgement. I ask the entire Indian Law community to answer my question.
I want to get back my property. I want my brother come out from the iron chain of sec 138 negotiable act dishonour of cheque case. I want the asuran must be punished by law and his criminal business to steal others property with the help of law loopholes must be stopped.
what should I do?

admin answers:

Civil suit to be filed paying court fee, which may be huge sum, for getting annulled the sale deed. Your lawyer will advise, if evidence with you is sufficient to successfully pursue a case like this.
Section 138 NI Act cases are to be defended. You may take the contention of ‘lack of consideration’ as defence, while cross examining the complainant’s witness but you should also be able to lead evidence on behalf of the accused.
From the language and drafting of your questions, and panic perceptible in repeating the same matter umpteen times, you do not appear to be capable of being a witness for the accused. If necessary, get yourself evaluated by your lawyer as to your capability of withstanding cross examination.

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Your Questions About Check My Mortgage Loan

Sandy asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Tell your husband about the call and then have him go see the legal office on base.

George asks…

Why are banks open on Saturday but will not post loan payments on Saturday?

My mortgage says that it is due on July 1 and that is a Sunday. How can it be due on a day that is impossible to make the payment. Then when I walk into the bank today (Saturday June 30), they accept the check but say that it will not post the payment the account until July 2 because Satuday is not a “business day” even though they are open. Common give me a break! Even the mail is delivered on Saturday. I think the mortgage bill should state that payment in due June 29th since that is the last day they will actually accept payment!
So I ask again—why can’t I pay on Saturday!!!

admin answers:

You can make a payment at a local Bank on a Saturday.

Please note that this is NOT a normal business day.

Why?

The Federal Reserve Bank is NOT open for business on a weekend or legal holiday.

The issue is that CHECKS cannot be collected through the FRB system on Saturday or Sunday.

See www.federalreserve.gov or .com

The Bank will generally give you a receipt showing that they received the payment on a given day such as Saturday. However, the fine print on the receipt will say it will be posted on the next Business Day which in your case would be MONDAY JULY 2nd.

YOu may be able to contact the Bank to change the DUE DATE of your bill. Give their Customer Service Center a call today if they are open?

NOTE: Mortgage payments are generally due 15 business days after the date due on the bill. Check with your lender.

GOOD LUCK! 🙂

Daniel asks…

I just checked my credit score and it’s “very poor” – can i get an auto loan?

I don’t have any delinquent accounts but i do have a mortgage, car note, student loans, credit card debt, etc.

With a $1000+ down payment and paying off my current auto loan, could i still qualify for a new auto loan on my own?

admin answers:

If your credit is Very Poor you could probably get an auto loan but it will be tougher. They will take a big look at your debt to income ratio, if that is too high you will not get approved.

If you do get approved your interest rate will be higher, probably in the 18%-20% range. They will also require a downpayment, this can vary but will usually be minimum of 10%. So if with 1,000 down you would probably only be able to finance at most $10,000.

If you have a lump sum to pay off your current car, I would still do that. But don’t get a new car right away. Instead take the money you would be paying on the new loan each month and save it. Then in a few months you will have more of a downpayment, which will make qualifying easier.

Ruth asks…

can you get a mortgage without a down payment?

me and my bf have an appointment at our bank to see if we could get approved for a mortgage without a down payment. Both our credit scores are at least over 700. The only loan I have is done next month ( car loan). He has taken loans from his bank but has paid them all in full, no late payments. He makes double than me each pay cheque ( I don’t make mini wage ). So is there a chance? I am in Canada btw….

admin answers:

As the first answer said, don’t count on it. “No down” mortgages were one of the reasons for the US mortgage crises.

Two problems I see:
1) you have good credit, but little income. Your BF is better off. Banks look at income as well as credit.

2) If you don’t have a down, that tells me you two don’t have a lot of cash. Let’s say there’s an unexpected problem after purchase that costs $2000. Where’s the money coming from? Also, unless you buy brand new, there’s the issue of ongoing maintenance…

Your desire for a house is understandable. It’s better to hold off and be ready for for the highs and lows of home ownership.

Good luck.

Laura asks…

I am getting an FHA loan I paid for two appraisals is that legal? one was a recert?

My mortgage company requested an appraisal and had me pay for it before they checked and found out that FHA had an appraisal already that needed to have a recertification. I paid 425 then another 200. is this legal?

admin answers:

Well, I think that the mortgage broker screwed up and he should be liable to pay for it, since he told you from the very beginning you qualified for a FHA loan they knew that stringent type of appraisals they require, so if the bank did not disclose they had an appraisal and that it needed recertification it is the mortgage broker boo-boo he did not do his homework. Good luck with that. Try to get him to lower the closing costs.

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Your Questions About Check My Mortgage Loan

Susan asks…

My house was sold in a short sale, but the remaining loan was sold in a foreclosure sale?

I finalized my short sale in August, everything was done. All documents were sign, and it was a huge relief. However, I just checked my old mortgage account and it stated that the remaining principal on my loan had been sold in a foreclosure sale and on my credit it shows that my account was derogatory past August and it is being listed as a foreclosure. I never received any documentation from the mortgage company after August. What gives?
In the agreement I was granted a full release of the loan.

admin answers:

That is what you agreed to when you asked for a short sale. The balance of the mortgage is either paid by you or marked as uncollected debt

George asks…

when can I refinance on my mortgage?

I bought my home Dec 08, my credit isn’t as great as it was, my mother got a car repoed i co-signed for her on (I had no idea until credit check) and now, I just have more debt to income. Any advice? There aren’t any loans or monthly expenses I can personally lower or change beside this possibly.

admin answers:

What is it that you need to accomplish with your refinance? Cash out for paying off debt or to just get a lower rate and payment.

If you can prove 2 hardships, for instance loss of income or wages cut, medical problems, loss of partner income, there is a long list, you may qualify for a mortgage loan modification. While it can be a hassle, many people have succeeded in getting there monthly payments lowered, principal cut, rates lowered, to bring there payments down to or below 31% of your gross monthly income.

I would first try your current lender/bank who is servicing your note, and if they give you too difficult of a time, there are attorneys that work on your behalf to provide pressure on the banks you may not know about.

In today’s mortgage market, your file is looked at with 3 sets of eyes. Credit, have you demonstrated the ability to make your obligations, debt to income, how much are your gross household earnings or anyone that is applying for the loan, and Equity position, what is your home worth compared to the amount you owe or want to borrow.

If you purchased the home in 2008, depending where your at, you shouldnt have been affected too severely by the housing downturn, it may seem like income and credit are your problems.

Todays average bank or lending institution are requiring a minimum 640 – 660 credit score, no exceptions for money saved or payment history of the mortgage itself. Depending on what exactly your debt to income level is though that alot of lenders will look at differently depending on compensating factors. Compensating factors are things like savings, current and past mortgage and rent history, extensive job time with the same employer, and even in sum financing types like FHA, non occupying family members as a crutch. (Non occupant co borrowers cannot be used on a cash out refinance)

When determining your debt to income percentage, you will make a list of all payments reporting to your credit report (credit cards, lines of credit, mortgages, car notes and leases, recreational vehicle payments, student loans, child support, alimony, Property Taxes, Insurance, 401k repayment plans through payroll, etc.) and add them up. You dont want to include items like car insurance, health clubs, utilities (that dont report to credit) child care expenses, and cell phone or home phone services. You will then divide that number into your gross monthly income. Your gross income can be calculated by salary which is easy, or by dividing your current YTD gross income into however many weeks we are into the year. This is if you are paid on a weekly basis. There are several ways to calculate income, most difficult is for self-employed so you have a question regarding that, feel free to let me know.

I hope this helps

James asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Go speak with JAG as there are programs to help service members who had to either short sell or or foreclose due to military moving (under orders) I don’t know specifics but I know there is something out there. Also Laws difer from state to state as to what a debtor can and cannot do so teh best course is have your husband go speak to JAG

Laura asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Something is very fishy here and its not that your husband is at sea. You need to make the phone call yourself to YOUR mortgage company and see if they really initiated this phone call. Many times these calls are scams and get you for alot of money. If your mortgage company did make this call then you should call a lawyer to find out where you really stand with the mortgage company. Only a real estate attorney can advise you on this one.

Donald asks…

Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend’s parents afterward. My father has been paying on the house each month ever since. My father does not live in the house — nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he’s been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he’s not on the loan, his money has not built any equity for him and it’ll be problematic pursuing any type of refinance. He’s stubborn to foreclose or cut his ties to the house because he doesn’t understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would’ve never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you’re familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow — my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he’d be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

admin answers:

It’s way to complicated for Answers. You need to see an expert on this. There’s way too much at stake to put off seeing an expert.

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Your Questions About Check My Mortgage Loan

Linda asks…

How can I get a mortgage?

Ok here is the situation I am in…I only make about 28k a year, I am trying to get a mortgage for a house around 95000 or so. My credit score is around 730 so there is no problem there…the only problem I run into is that my truck which i owe about $18000 on is under my moms and my name. The payments are $400 a month. My checking account has me and my mom on it but I am the primary. I can afford the mortgage because my gf who i have been living with is going to move with me and she makes about 35000 a year. We cant sign together because of her credit problems. Is there anyway that we can get a mortgage together? or even me by myself ?! Any reasonable help would be really appreciated.

P.S.
I have gone through a private broker but we got stuck because he said I could get the mortgage on my own if I can show my mom pays my truck. But I do an electronic transfer because my checking account and my loan is through the same bank. Ive tried asking if we can just write a letter and get her to sign it and get it notarized, they said that wouldnt work.

admin answers:

You do not earn enough to pay a 95k loan. With your car loan you are looking at more like 60k. Your gf’s income will not count.

Steven asks…

How can I get a home mortgage with 585,583,583 credit scores?

I know those scores are not very good, but we have done everything we can to repair our credit and it’s just not going up much at all. We have paid off all old debt. We have nothing in collections and 3 open accounts in good standing. One of our open accounts is my car loan that we have had for 2.5yrs and we have not been late in 6months. The other 2 open accounts have never been late. We are going to have to sign another 1yr lease on our rental in 4months if we can’t buy before then. Is there any way we can buy a house with these credit scores? Even if we have to get an unfixed rate for now that might be an option. I just don’t know where to go and who to trust really. Our bank won’t finance us even though we have our car loan, a small secured loan and our checking and savings with them. Both loans have been in good standing and we still can’t get them to finance us for a house. Is there any option for us?

admin answers:

You have not been late in 6 months? That is one big problem. 6 months is a very short time in terms of credit.

Best way to guarantee a mortgage is to have a 25% down payment.

David asks…

Advice from loan agent on my future refinance?

Hi, I’m trying to hang in there until my penalty is over to refinance in Feb.2008. My question is that with the market being down, wonder if I can refinance for lower rate? My 1st is 598,000 with 10% rate and 2nd $21,000. I just wanted to refinance my 1st. Trying to hang on paying $5292 a month. The problem is that market is down and checking online my house is worth $620,000. Will it even go down in the near future when I can refinance and will that be a problem? Also my credit has gone down because of 1 late mortgage payment, from 650 to 583-610(3 credit score). Also another problem is that my husband is self employed in Oct.2006.
What is my chances to refinance for lower rate in Feb.2008?

admin answers:

Sorry to say home worth, or prices are going to continue to drop with more on the market, or in foreclosure, and less eligible people to buy because of the tightening of credit. From a previous post of yours your credit is not too good so I would basically say refinancing is not an option that will be available to you, especially at a lower rate. Honest believe that unless you can hang on with the interest rate hike that is coming, you will join the statistics of those in foreclosure. Best of luck to you hope you can weather the storm

Robert asks…

I just checked my credit report?

It says I have a mortgage loan out since 2006, which I never have taken out. If its due to a student loan wouldnt it say student loan instead of mortgage? Who do I call to try and get to the bottom of this? We are planning to purchase our first home this year and I dont want something that I didnt take out in my name to hold me from getting the house we want. How do I check for someone stealing my identity?

admin answers:

Your credit report should show the name and phone number of the company responsible for the loan. If that information isn’t on there, call the agency that provided you with the report because they are legally obligated to provide you with that information.
Once you have the information of the loan company, call them find out about this loan. It is possible that it is identity theft, so it’s best to act quickly.

Mandy asks…

Strange mortgage questions appearing on Equifax credit score verification?

After hearing about the big security breach with MC and VISA cards, I went to go check on my credit score with Equifax, just in case. I’ve only gone through banks to do so in the past, so this is my first time checking online. I am debt free. I have never opened a credit card, had a mortgage, student loans, or otherwise, so I would expect my credit score to be a big, very safe ‘0’. I go to request my free yearly credit score, and it starts throwing me questions about a mortgage I’ve never had with a company I’ve never heard about, with monthly payments I’ve never seen before, streets I’ve never lived on, and a small car loan. Obviously I clicked ‘None/None of the Above’ for all of them. One question I got repeatedly was what state my SSN number was issued in, and my home state was listed. Obviously I clicked that one correctly. Sending this verification sheet gave me a ‘Unable to Retrieve Credit Score’ error message, and instructions for mailing for one.

This, obviously, scared the daylights out of me. I’ve been super careful with my debit card to guard against theft of my identity, so when I saw these questions pop up, I was terrified. I start browsing around the internet for information on what to do, and I start getting wind of ‘test questions’ that these companies put out during their verification process, to ‘trick’ would-be scammers.

Were these just ‘test questions’? Did it simply give me the ‘Unable to Retrieve’ message because I didn’t have a credit score to begin with? I plan on going to my bank on monday to clarify things regardless, but I’d like to have a firm footing before I go in.

admin answers:

Yes those were just security questions. If you have never had credit of some type, or haven’t had credit in the past 10 years or so then you wouldn’t have a credit report for them to (retrieve) send to you. Debit cards are not reported on your reports, even if they have the Visa or MC logo on them, unless you overdraft your account and don’t pay.

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Your Questions About Check My Mortgage Loan

Ken asks…

Questions about capital gain and the USDA Rural Development Loan…?

My husband and I have had our house since June of 2008. We need to relocate and worry about selling our first house.

Question #1—How do capital gains work? Our purchase price was $80,000. Which, was a seemed like a steal (2 acres, 3 outbuildings, 3-4 bedroom farmhouse). Since we’ve bought it we’ve put $20,000-$25,000 in it. I’ve figured I need about $115,000 to break even (home equity loan, pay off original mortgage, and home improvements). I won’t be upset if I make a profit, but will try to make one none the less. I plan to list at $135,000. If I make a profit how much am I looking at in taxes? Is this going to be a big hit?

Question #2—Everyone tells us we should check out the USDA Rural Development Loan. I’ve been on the government website and my husband and I qualify financially. Also, according to the map it looks like the area qualifies too. Is it that easy? Is this only for first time home buyers? We had help purchasing our first home from some inheritance. I worry that the money won’t be there this time; especially since there’s no telling when we’ll sell our first house. What are the benefits to this USDA loan? Their website won’t tell me anything! Anyone have any personal insight?

Thanks!

admin answers:

I can’t answer your question about capital gains but I can answer your question about the USDA loan.

While you do need to qualify under the income limits and location there is a little more to it.
The one thing with USDA is their debt to income ratio guidelines. They cap you at 41% but they will go higher with compensating factors.

Now on to the benefits.

1) The USDA loan is not just for 1st timer buyers.
2) The USDA loan does not require money down
3) There is no monthly mortgage insurance.
4) Lenient credit/credit score requirements.
5) Really low interest rates.

John asks…

Info on a USDA loan…?

I’m currently starting an FHA loan but they obviously don’t want my money because its gifted money that was being saved by my parents from home so there’s no paper trail. I told them the situation and they said that with cash gifts there’s no way to know that it wasn’t borrowed. Well in my opinion there’s never really a way to know if it was borrowed if I go borrow the money, pay it off and leave in my account for a few months then they wont know where it came from…idiots. lol. I checked with another mortgage company and they said they can do a USDA loan where its 100% financing. I haven’t read anything bad about this loan and I’ve asked around. No one seems to know very much, except for one person saying that their Aunt tried to sell her house while still paying on a USDA loan and couldn’t keep the profits like it went back to the government or mortgage company. No idea. That sounds odd to me. I asked the lady at the mortgage company and she said she’d never heard of that and I don’t trust her so I’m asking you guys if you’ve heard any thing like this or anything negative that I need to watch out for. There has to be a catch. Why finance through a bank of even do FHA if your payments will be lower and not have to pay PMI as you would with FHA and still put money down for higher payments? Doesn’t make sense to me…this is getting out of hand and is quite stressful. Any info would be helpful. Thanks!

admin answers:

There are 2 types of USDA loans, the Direct and the Guaranteed. Your aunt likely had the Direct loan. USDA Direct loans (or section 502) are for very low income buyers and are subsidized; meaning that the USDA actually covers a portion of the mortgage payment each month and you pay it back when you sell or refi. Which is why your aunt would have owed some of her equity back. The Direct loan can only be received from a USDA office.

The Guaranteed loan is different. Banks, brokers and credit unions can offer this product. It’s lent on their money and just “guaranteed” by the USDA. The USDA does have final underwriting approval on these loans. They are for low-moderate income families and are only available in rural – semi-rural areas (generally under 20k people). There are income and geographic restrictions. Here is a link to tell you if you are eligible:

http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11

This is a fantastic loan product if you qualify. The benefits include:

*100% financing
*Will finance up to Appraised value – so if it appraises higher than sales price you can finance repairs, appliances, closing costs, or more
*No monthly mortgage insurance
*No subsidy to pay back
*Low fixed rates on 30 year terms (comparable to FHA rates)
*Easier credit qualifications – no seasoning on bankruptcies and no minimum credit score requirement

Good luck!

Chris asks…

Did you hear about Nancy Pelosi trying to push another stimulus check bill through Congress?

OH MY GOSH!!! ARE YOU KIDDING ME??? She actually THINKS that this would help solve our economic downfall of America??? The one truth behind her stupidity is that this is an obvious political stunt to be able to try to shame Bush into appearing that he doesn’t care about the American people when he VETOS this idiotic idea!!!! Where would THAT money come from anyway??? OH, let’s add on to the billions of debt the government just used to bail out these mortgage loan companies!!! Good one, Nancy! Do you agree with me?

admin answers:

She did not seem to think it was a good idea when Bush wanted to do it, but now she had “come up” with the idea she thinks it’s great. A few measly $ is not going to fix the economy at this point, and all it is going to do is cause more taxes in the long run to make up for it.

Ruth asks…

Paying off mortgage faster without higher payments?

I have heard about this but haven’t checked it out yet. I am hearing there are a few different ways to pay off my mortgage faster.

I read a good summary of it here:

http://www.tomvoli.com/pay-off-mortgage-early/

I am new to this so I was wondering if anyone else has checked this out. I found out that GMAC does offer an acceleration loan but not directly. Seems like an awesome idea.

admin answers:

On the average if you send in 1 extra payment per year you will save by paying the loan of early which saves you intrest. For example a 30yr mtg will be paid off in about 20 yrs. Saving intrest save you on your total cost of the home. You do not have to sign up to do this ( some charge a fee) you can do this on your own.

Joseph asks…

Should I consider Charles Schwab for my home mortgage?

I’m looking for the best rates and they seem to be very competitive. I’ve had checking account with them for 6 months or so and have been pleased with their service so far. Has anyone taken out a home loan with them yet? Was it a good or bad experience?
Answers from Schwab customers would be appreciated. I’m only interested in answers pertaining to this company.

admin answers:

As long as your mortgage terms are fair and not expensive.
1- like low -fixed interest rate,
2-low closing cost
3-no penalty if you pay off or refinance your loan.
After the they give the faith estimate , take it and ask 2 other banks if they could give you lower rat, cost….or terms. And if they could not do it ,you know that you get your self a great deal.

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Your Questions About Check My Mortgage Loan

Lizzie asks…

Why do I have an agricultural loan?

Bought house I live in 4 years ago. Recently went to refinance to the bank which holds my Mortgage. The mortgage originated through a morgage broker, as a “first time buyer, no closing costs (costs rolled into the mortgage)” loan. So now this banker told me he could not refinance me because it was not residential! He told me it was down as an “agricultural loan and what was I farming?” I do not have a farm! I wish I had a farm though, but the house is only on 3.5 acres! Shortly after, I ran a yearly credit check and paid attention to the details of my mortgage, and sure enough My credit report has this house’s mortgage down as “AGRICULTURAL!” Did I get scammed by the mortgage broker? All I remember him saying about anything was , asking if the house was in a rural area, and me saying yes, that it had a low population density and that I am surrounded by 100’s of acres of cornfields. He told me he was doing a “rural zoned” loan for rural areas. Should I do anything? I also remember him saying it was a “rural development” loan but I did not think this meant “developing a farm”, I just thought it was for living in rural areas, keeping the residences developed.

admin answers:

What you have is a USDA Rural Development loan, designed for homes in rural areas. You got it because it allows for zero down and the closing costs rolled into the loan or paid for by the seller. There is no reason that it cannot be refinanced as a conventional loan at this point. Find a different lender or someone smarter at your current lender.

Laura asks…

Which mortgage company is best for someone with a “550” credit score?

I know the score is not good. However over the past year I have paid over 30,000 on past due debts and have very little of them left; just one college loan. My income far outceeds my remaining debt. There is a house that I can get for an unbelievable deal and I don’t want to miss out on it. I don’t want to waste my time or further hurt my credit by having a lot of brokers checking it.

admin answers:

You need to find a broker that does FHA loans…..if you cant do it FHA then you options are LIMITED.

Fha lenders can give you a rate of 7.25% or lower…for a 30yr fixed.

Ken asks…

What does this mean on my credit score?

I’m 20 and I decided to look up my credit score. I recently got a credit card to start building credit. I went to the annual credit report site and filled out my information and it said that “It appears you have a loan mortgage taken out in or around September 2009.” It made me check boxes of different banks and towns if you lived there and none of them were correct. Do they do this for security or is there something wrong with my credit????

admin answers:

These are random questions asked to everyone.

* Forget about your score for now.
What you want to see is the information on your 3 credit reports.
The score costs money and it’s useless.
The 3 reports are free once a year at annual credit report.com

With that credit card, pay it in full each month.
If you carry balances you could be causing serious damage to your credit.
Keep usage small and pay in full when the bill comes in the mail.

Sharon asks…

CATCH 22! If you’re permanently disabled and can not work, how can you get a loan to purchase a home?

I’ve been disabled since 1997 and can never work again; I do, however, have income from worker’s comp. My checks have always been consistent, never late on rent or credit problems. Yet mortgage company’s prequalifications include a job – but I have steady income. Are there programs or alternatives for someone in my position? The disabled want to be homeowners too… Im’ only 33. There has to be a way around this catch 22.

admin answers:

If you have excellent credit you can apply for a “stated” mortgage. That is where you “state” your income but don’t need to document it. It will cost you another .25-.50% on your interest rate but you will be able to buy a home.

Good Luck

Mary asks…

When will my earnest check be cashed?

Today making an offer to buy a new construction condo. I have a pre-approved loan through 5th 3rd bank but I’m going to apply for a ctx mortgage. Ctx is the builder lender and if I use them I get additional incentives. On average how soon will they cash my earnest money check. I’m in the state of Tennessee. In my offer I will have the closing date as 11-13-2009. Also has anyone worked with ctx mortgage, any good or bad experiences to share?
Thanks everyone

admin answers:

Once the builder accepts your offer (signs the contract) they will deposit the check the same day or next.

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Your Questions About Check My Mortgage

Sandra asks…

Am I liable for the payment if my name is on the mortgage only?

My house is going to foreclosure. My name is on the mortgage but not on the deed nor the note, am i liable for the payment? I just check my credit report it is not affected at all, does that mean i’m safe and the bank won’t come after me??? I am in Michigan. Thanks.

admin answers:

If you are one of the signers (guarantors) to a mortgage loan, you are responsible for payment even if your name is not on the deed to the property on which the mortgage was generated. I’m not certain how you got yourself into such a silly situation, but I assume you are correct in the information provided.

I would venture that, at this time, the lender is only reporting credit deficiencies on another name on the mortgage (yes, that happens). However, once the property is foreclosed, that action becomes public record, and the credit reporting bureaus will gather such information from those records and put it in your credit file.

Whether or not the bank pursues you for repayment is the option of the bank.

David asks…

For tax purposes…is it ever considered income if someone writes you rent check in this situation?

I was wondering if a family member lives in my house and writes me personal checks every month amounting to about half the mortgage and utilities, could this ever be misconstrued somehow as income by the IRS? Would it mess with my taxes in any way?
I will be asking my accountant one day when I get around to it, but I’m sure some of you know the answer

admin answers:

No, your not renting for profit..however, do not try to claim the person paying you “rent” as a dependent you wont have a leg to stand on

Nancy asks…

Can a couple get a mortgage, with both incomes being considered, but only 1 credit check?

My fiance and I are thinking about buying a house together. He has a house currently but we need something bigger and in a better location. The problem is, while his credit is perfect mine is not.
We want to apply for a mortgage together but with only his credit being checked. I know this is probably not possible, but we need the bank to take both of our incomes into consideration, just not my credit. Is there anyway we can get a mortgage with both incomes considered, with only his credit checked?
Im obviously going to pay it back. I have a 40,000 car loan that I have had for 3 years and never missed a payment, so its rude for you to just assume I wont pay it back. I have bad credit from issues when I was a teenager.

admin answers:

Absolutely not. If they are going to give you money they want to know what kind of people both of you are. It sounds like you have vastly different ethics, ans your ethics indicate it is not wise to give you any money, you are not going to pay it back.

Mandy asks…

How my spouse’s credit score will affect to get a mortgage?

My spouse and I are planning to buy a house in the next few months. I am wondering how my spouse’s CS will affect to get a good mortgage deal. I have good credit (781, just checked) but my spouse has been accumulating credit history for less than two years. A point that may be consider is that neither my spouse nor I carry credit card debt, just student and car loans. The total payment is less than 5% of our monthly income. Thanks!

admin answers:

When you apply, put your name first on the application and your spouse as teh cosigner. You may get a slightly higher interest rate because of her score, but I think you’ll still be okay. Do you know what her score is?

Joseph asks…

Are certified check funds available anywhere, immediately?

I will be closing on the sale of my apartment, and moving to a new state, where we already have a house lined up to purchase. There is no mortgage involved. If I take the certified check I receive here , and use it to open an acct at a bank in my new state (my bank does not have branches in the new state), can I get a certified check issued immediately, for the closing over there?

Thanks

admin answers:

The bank that issued the certified check has the funds to cover the check.
It will depend on the bank you open an account with.

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Your Questions About Check My Mortgage Loan

Mandy asks…

Could Someone Explain the Mortgage Process to Me?

I am mostly curious about the payout of the loan itself. I think I understand the rest. After you are approved, etc for the mortgage, where does that money go? What type of account is it wired to, my checking/savings? Do I have access to it? Can I withdraw it? How do I send the money to the seller I’m buying the homes from?

admin answers:

You never see it. The bank gives it to the seller at the ‘closing’ where all the papers are signed and you become the owner.

Sandra asks…

Our mortgage was just sold to Bank of America. Can anyone help me?

We are (or were) a customer of Taylor, Bean, and Whitaker Mortgage. I went to make our mortgage payment today and found out that TB&W has suddenly gone out of business this past week and our loan has been sold to Bank of America. I realize that mortgages are bought and sold all the time, but I am kind of concerned after speaking with two different people from BOA this afternoon. The first person I spoke with told me that customers from TB&W are not yet in their system and that they won’t be for about 2 weeks, but that we could mail our payment to them and he gave me the address to mail our payment to. He told me to just write our TB&W loan number of the check and it would be all set. I then called back to ask them another question and I was told by this other person to NOT mail our payment yet and to wait until we receive our welcome packet in the mail within the next couple of weeks. This person told me that if we were to mail a payment, even if it had our TB&W loan number of it, that they would have no idea where to apply our payment since we’re not in the system yet. I also asked if there would be a grace period so that we don’t have to make 2 payments so close together and this person couldn’t give me a definite answer. This is very disturbing to me. Two people from BOA have told us completely different things and we don’t know which one is true. We want to make our mortgage payment, but at the same time we don’t want to mail a check to Bank of America and just have it get lost in the transition or have it take forever for them to take the funds from our checking account. Does anyone know what we should do? My husband thinks that we should call them again on Monday to see if we can get a straight answer, but I really want to know now! Please help!

admin answers:

Why on earth did they even call you? This is really out of line.

Mail your payment to the same address as you did before. It will be applied and processed during the transistion. You do not have to mail to BofA until you receive written notice in the mail.

Maria asks…

What would trigger my lender to find out about a wraparound loan situation?

How would they ever know, they don’t do random grant deed checks right? Will it cause a problem if my “seller” pays the mortgage directly do them?
Oops, I meant will it cause a problem if my “buyer” pays directly to them?

admin answers:

You might have to record the deed of sale with the county records office, so the mortgage company could simply do a title check on the property. If your original mortgage contract does not allow a wraparound, then you are playing with fire. They can begin foreclosure for breach of contract. They probably won’t care if the 2nd buyer makes his payments on time, but if there are any problems with him, it will come back to haunt you.

James asks…

Should I pay off my car loan?

I have about 30,000 in a money market savings account and a 7,000 car loan at 5.35%. I pay about 350/month on the car and am tired of making the payment. Should I just be patient and make the payments or right a 7,000 check and be rid of it. If I wrote the check I would have no debt except for my mortgage. Suggestions?

admin answers:

Get it over with

Nancy asks…

Not sure if I should re-finance auto loan?

I currently have $6,900 financed at 8.9% with my local credit union. My FICO score is 683 as of last week. I would love to find a lower interest rate, however my local credit union does not re-finance their own loans.

I briefly checked lendingtree.com however their min loan amount is $7,500 which is more than I currently owe on my 2004 saturn. So I am not sure if I should refinance with the $7,500 loan and then make the difference my first payment. Or if I should wait and keep working at raising my FICO score then re-finance.

The biggest thing is that my boyfriend (of 2 years) and I are looking at buying a house in 2010 and I do not want the re-finance to hurt my FICO score. We will co-sign for the mortgage as his FICO score is 748 as of last week. But, my car loan is going to be only in my name.

Any advice??
I purchased the car last year from my grandmother before she died. I went to the bank and took out a loan so I could pay her outright the $7,500 for the car, to avoid any family drama (I am one of 12 grandchildren). It is a 2004 with less than 30,000 miles on it.

admin answers:

You owe $6,900 on a 5 year old car? Nobody is going to refinance that, nor should you. Next time you take out a car loan put more money down and take a shorter term (3-4 years). Better better yet, get a cheaper car and pay cash. It will make it easier for you to get a mortgage. Good luck.

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