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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