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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Your Questions About Check My Mortgage Balance

Ruth asks…

Will I be approved for a mortgage?

I was given a mortgage in principle for £112,000. I have now made an offer for a house, and only need to borrow £104,000.

However, Im worried given the economic climate. Also I know they now have to do even further credit checks, and 5 years ago I had several late and missed payments on my credit report. However it has been perfect since then, except one late payment in the whole 5 years. I also have applied for several credit cards over the period (around 6), to juggle the interest-free promotions they give, but now only have 2. They all have £0 balances, and I have no other debts, but I’m worried the constant ‘footprint’ put on my file would have affected my chances.

The survey, I’m certain will be fine, as the house is fairly undervalued, due to them needing a quick sell.

Do you think I will be approved? Or is there a chance it could all fall through? As I am set to lose solicitor and survey fees if so.

Thanks!

admin answers:

In principle means they did a credit check first, the same happened to me as something came up but was soon rectified as I wanted to know how much I could borrow.

Carol asks…

Question about my bank statements for home loan?

I am about to apply for my first home loan. The house is only 59000 and I’ve been gifted the down payment and closing cost by GA Dream. My middle score is about a 680 now and I have a steady employment history with a good paying job. So as you can see I do meet all requirements. My only concern right now is my bank statement. I have NEVER had a overdraft, NEVER been late on my rent, and all my bills are up to date. I deposit my check every week but my ending balance for a few days are below 100, but never overdrafted. I’m transferring $2k next week from my school refund and I plan on writing a short letter to the underwriter explaining circumstances with me paying my tuition and books out of pocket a month ago. Do you think the underwriter will approve with these circumstances? I will show him I am paying incredibly too much (800 a month for a two bedroom apt) so I will not have a problem paying a $300-$400 mortgage. Opinions and answers are welcomed!! Thank you so much!
To Equality: If you read and comprehended it well, it stated that I will be having that money gifted, therefore I wont be coming out my pocket except for my appraisor and such (only about $500). Other fees, closing costs, and down payment will be paid through other sources. And $400 a month and property tax and insurance have already been calculated. I have my things correct on this end, I just asked about my bank statements. Thanks!

admin answers:

If there is an excess amount of funds added to your account, then you would need to write a letter of explanation explaining where the funds came from and the circumstances under which you received them.

The funds would have to be from a legitimate source. It might would be a good idea before, you cashed the check you might would want to take a picture of the check. Include this copy with your letter of explanation.

What are your normal balances in this checking account. The lender would be looking for stability in your account. There might be some reserve problems as lenders would like a few months in your checking or savings account that would equal your monthly mortgage payment.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Nancy asks…

HOW CAN I BETTER DEAL WITH MY PARENTS ?

Specifically my dad. We don’t get along at all basically because I’m flat broke due to HIS DEBT!!
We had a MAJOR argument yesterday, and he even threatened me that he was gonna slap me, but I flat out told him to try, and I wouldn’t hesitate to call the cops in a heartbeat. I’m 22yrs old, laid off work now, so I get alittle unemployment, and basically I’ve decided to move to a different state, and start anew, go to school, and get a job there.
My dad, now all of a sudden, wants to show interest in my life. Like he’s researching what school I’ll be going to, what city I can move to, etc.. I DO NOT NEED HIS EFFING HELP. I’ve already figured out where what school Im going to, and in what city.

I told him flat out, that he should’ve shown his concern, when I was working full time, graveyard shift, to help HIM pay the bills and his EFFING MORTGAGE! I’ve been working full time since I was 18yrs old, and I have zero savings now that I’m laid off.. why?? Because my dad had my debit card, and used it whenever he felt like it. The only time I got my card back was when it was close to being in negative balance.

I wouldn’t feel so negative towards my dad about the money, if he didn’t end up losing our house to foreclosure, even when I helped with the mortgage!! Basically all of my check went towards that!! Also, we didn’t lose the house because we didn’t have any money, but because of his stupidity that he didn’t pay the bills on time! And because of his stupidity, the house got sold in a short sale, I had given my parents a $5k down payment for the house, that went down the drain, and he filed a lawsuit against the bank and mortgage company, which is costing us additional money, because the expenses aren’t cheap.

Am I wrong to effing hate him at this point in my life? He’s practically ruined my life. I quit school because I could never concentrate in class due to my parents financial troubles, helped them out fully with whatever I earned, only for them to lose it all sooo easily!

The fact that Im even moving to a different state is to get the eff away from my dad, I want no influence of him in my life. I did tell him this. His response was “Fine, eff off.”

The main reason why I hate him is because he’s pretty much lost everything my mom and I worked soo hard for, and yet for some reason, he still thinks that he has a say in my life, and what happens in our household. Like, are your effing serious!?

If I had known that he was pretty much throw the money that I had earned and saved down the drain like that, I would’ve spent it on me, bought college supplies, and basically not given a damn about my parents. My own mother blamed me for quitting school! Had I known that after all I’ve done for them, that I would be blamed and not acknowledged for helping them out, I would have not given a damn about them.

Even tho Im broke, I plan on moving out in about 2 weeks. I don’t care if I have to go live in a homeless shelter but I’m done. I seriously hate my father for ruining my life. I was basically a paycheck to them, thats all. He wants to show his concern now, well he can take it and shove it.

How do I deal with them for the next 2 weeks, things are pretty awkward (I’m not talking to either of them)…any advice?

admin answers:

You should have never been put in that position. I am sorry that you were. Two weeks, just do a count down. Stay busy, maybe out of the house. Good luck on rebuilding your life.

Sandy asks…

can i be sued for gift money?

so my wife and i bought a house and was given money from her dad. he signed a legal document gift letter to the mortgage company and also noted the check as GIFT. after the house was bought we had a huge fight and we paid half the amount back. now he is threatening to sue for the rest of the money, put a lien on the house (although his name is not on anything for the house), and also charge us interest. we told him we would pay him back but he continues to send us threatening emails. can he legally sue for the remaining balance even though he signed the gift letter and noted the check to us as a GIFT?

admin answers:

He can not.

If he tries your just respond to the court asking for a dismissal and submit a copy of that gift declaration.

Jenny asks…

When i can see change on my credit score?

Hi.I start my loan modification 2 years ago and my agent say if i stop pay my mortgage my loan modification can be done faster.I know this gonna probably afect my credit score,but i lost my job and i realy dont care about my credit history i just want save my house.So i stop pay my mortgage.Last year i got job offer,but i must buy pickup truck.When i ask for car loan ,dealer said i have some negative unpaid balance(aroun 10K) on my credit.I check my credit report and i see i owe 10K dollars to BofAmerica for unpaid mortgage.But i got that car loan without any trouble.Finaly after two years and my trial payment done i got permanent modification and that money what i dont paid ,bank just added to my loan.I pay now my new mortgage payment and i just need the know when i can see some change on my credit score.Bank said they gonna start from next month report my payment as current.And i pay last month all my credit card under 30% .When i can see some changes on my credit score?

admin answers:

It depends on the agency (i.e. Equifax, Transunion, Experion, etc.) and other things. As a general rule, credit scores are based upon a weighted history over the current and various number-of-months periods. Don’t expect much change for a while or any significant change for at least 6-12 months, assuming you stay current.

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Your Questions About Mortgage Loans For Bad Credit

Betty asks…

Is it impossible to find a mortgage with severely bad credit?

My husband and I are looking to purchase our first home, however we both have very poor credit scores (and yes I know this is bad news) but we have found a home of which we would like to purchase. The home loan would be for about $120,000, I am currently a nurse and my husband is on disability and has been for the past 10 years! We are confident that we can afford a mortgage, but really don’t want to go through the whole credit repair bit because well quite frankly it would take forever and a day to do!!! I have searched high and low for a lender that does bad credit mortgages with no good results! Does anyone know a legitimate lender who would deal with us??? Before answering, yes I realize it is not wise to have bad credit and need to borrow, but we are at odds here so please no rude answers…

Thanks in advance
To “my take on it”–I didn’t ask for your opinion on if we could handle a mortgage payment or not! My question was rather simple in asking for bad credit lenders! Thanks for your answer, however I wish you would have actually read the question before answering!

Thanks everyone for your answers (the ones who answered the question that it:-)

admin answers:

There are very few “bad credit” lenders anymore. Expect that IF (a big IF) you can find one, you will need 20% down and will pay a relatively high interest rate (probably in the 7.5% to 8% range). Even FHA requires two years of clean credit before they will guarantee a loan.

Ruth asks…

What kind of loans can I get with a credit score of 670?

I’ve had a bad credit in the past and paid off over $15000 in the past year and a half. In the past year or so my credit score has raised obviously. With my credit score now being around 670,would I be approved for a car loan,personal loan,mortgage or things along those lines? I understand interest fees could be the big if in this matter.

admin answers:

720 is the average score in the USA. YOu would need a big down payment to get a car loan. YOu could get a home loan with apx 4% down payment. YOu could get a personal loan for a small amount..

Donald asks…

Can I get a mortgage with bad credit?

Last time I checked my score was a 620. I have enough to put half the purchase price for down payment on a house is it possible to get a loan for the other half I do not care what the interest rate would be because I make enough money to pay above what the monthly payment would be to pay the loan off faster and I only want the loan for 15 yrs. Either way the payments would be cheaper than rent at this point. My credit has charge offs and write offs due to a lay off 8 yrs ago which caused me to lose everything. Paying back the debt is not an option because I consulted with an attorney about filling bankruptcy which I was unable to do because I had to much in liquid assests and he told me not to file,and not try and repay the debt (1) because I would go broke trying and that is stupid,and (2) because they have already been written off which means they have filed it as a loss on taxes so it would be double dipping . The main thing that shows up on my credit is a repo from 8 yrs ago it was auctioned off and they have never contacted me nor came after me regarding any excess amount owed but it still shows up on the credit report as well as all the other crap I lost. I was under the impression that after 7-10 yrs all the stuff is supposed to come off your credit anyways,so why is it still showing everything from the beginning of my credit history to now? some of the stuff is 10 yrs and older(older being the good payment history) I even got a credit card to start a payment history a yr ago and that was how I got my credit score up to the 600’s it was worse. I just want to purchase a home I don’t want to be stupid and buy up a bunch of other stuff on credit I just want to get a house , and pay cash for everything else that way if something were to ever happen again and I lose another job I will never be back in the position I was in before. Is it possible to get a loan with my credit history if I pay for half the value of the house up front?

admin answers:

Unfortunately it is going to be really hard to get a mortgage at this point for you. First of all, your credit score of 620 is not good enough for a bank to approve a mortgage. But beyond that, you have a lot of unpaid debt. I actually think you got pretty bad advice from your attorney. Just because debt is charged off, does not mean that you can’t repay it and have your accounts marked paid in full. Even though my sense is that your score would hurt you, bank prefer to see paid off accounts rather than charged off accounts. A charge off is still a debt that can be sold or collected. That means someone can sue you, get a judgment and then garnish wages or attach property. Banks do not want a secured interest in a home that is at risk of being attached. Sorry that news is not better.

I’d also question your statement about interest. It is not true that high interest would be cheaper than renting. High interest rates simply mean more profit for the bank. If you borrow 75,000 the difference between a high interest rate and low interest rate could be $500 – 750 per month. It doesn’t cost THAT much to rent a 75,000 house. My suggestion would be to rent and settle these debt issues. Once your credit is better take your pile of cash and go look for a home.

Linda asks…

Can you get a bad credit mortgage loan anymore?

Have a credit score of around 620-640. Past wage garnishment (a year ago) but paid off early. Past car repossession (reason for the garnishment.) Other small things charged-off. Only looking for a mortgage loan of $25K or less with $10K for down payment. With todays economy, is there any chance of finding a mortgage company? What kind of rates would I be looking at?

admin answers:

Won’t says it’s impossible – only a lender who can look at your actual data could say that – when people over 700 can’t always get loans, I’d say the chances aren’t great.

You have nothing to lose by checking into it though. Just go talk to a couple of lenders and find out. Having a down payment would be a huge help to you.

This site may help you to compare many lender at once
http://easymortgageadvisor.blogspot.com/
fill the form and you can get a free quote from Top Banks, Brokers and Mortgage Lenders

Hope this help,

Lizzie asks…

How to qualify for a bad credit mortgage loan after a bankuptcy?

Could I get a rate like 8% with $5000.00 dollars down payment on a 30 year fixed on a $100000 dollar mortgage?

Monthly mortgage payment would be around $900.00 dollars a month and closing costs would be around 2000 dollars?

admin answers:

NO.
Bad credit and no lender will consider you. With all the foreclosures lenders have tightened their guidelines
With such a small down payment that means an FHA loan and they are the strictest.
No your monthly payment would be much more since you left out PMI, Property taxes and homeowner’s insurance
Closing costs would be more like 5k to 8k No way can you pay for an appraisal, inspection, title search, title insurance, registration fees and so on with just 2k

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Your Questions About Mortgage Loans

Sharon asks…

How does the Aug 2nd deadline affect car loans and mortgage loans?

If you are already paying a 24% car loan, why would that go up if we default, isnt that already in ur contract?

admin answers:

No change unless you have a variable rate?

Robert asks…

any suggestions for second mortgage loans with fair credit?

i wanna do my upgrading to a prorperty that was pass on to me. I have already taking over mortgage payments. Now i want to do some upgrading and need a little help in the financial department.

admin answers:

Credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Steven asks…

Is it reccomended to use newspaper ads for mortgage loans?

Im looking to attract more clients and I was wondering for any loan officers who have done it, if putting in a 3 lined ad in a 200k circulated paper might be good for attracting promising clients. If so whats the guestimated number of calls that you have recieved from putting it in the sunday edition, and what are some reccomended tips on whats to say in the ad? “We will work with you”? “100% FHA financed”?

admin answers:

I ran a 1/8 page mortgage ad in a paper for 4 months once and got ZERO calls from it.

Email me and I will give you a few tips on getting some great business

united1st@live.com

Lisa asks…

$150,000 in student loans. Will I ever be able to get a mortgage loan?

I went to a very expensive college for 5 years. I haven’t graduated yet since I’m working on my PhD. My loans aren’t due for another 2 years at least. I have $150,000 in student loans, some credit cards, and me and my fiance each have a car loan. Do we have any hope of getting a mortgage loan to buy a house?

admin answers:

Depends on your debt to income ratio…if the ratio of monthly living expenses exceeds the income by 40%, then it is unlikely that you qualify for a cheaper loan…you may still get a loan if you have alot of equity to invest in a new hse etc…..also, the struture of ur student loans is important…if pymts are deferred that can work in your favor ………..

Maria asks…

Does it bother you that the US government is taking over the two largest mortgage, loans, and ?

home insurance companies in the United States? Is it possible that this could lead to the government deciding who gets mortgages, loans, and home insurance? (well, the already do, but does it bother you that it is now a widely known thing)

admin answers:

In a small way, yes, I am not sure I want the government making all of those decisions. But, if this is what it takes right now to get our economy back on track-I am all for it.

Edit: I have to agree with several of these answers. I have sat and wondered forever how the hell so many of these people got away with loaning money to risky clients. The ARM loan? Those two things alone are bad, but put them together and you have disaster for all involved.

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Your Questions About Mortgage Loans For Bad Credit

Sharon asks…

I am looking for a bad credit mortgage in Canada.?

I have outstanding loans that I would like to consolidate into my mortgage. Does anyone have any recommendations?

admin answers:

Talk to the financial institution that holds your mortgage first. As a mortgage lender for a major bank I can tell you this is one of the most common requests we receive. A number of Canadian banks have recently brought out new products to help people who may not have perfect credit due to many different circumstances. If your bank isn’t able or willing to do this then I would start shopping around. Unlike a loan most banks expect you to shop around for a mortgage and you may be surprised at what they are willing to do to get your business.

William asks…

Any idea to find used car loan for bad credit?

My friend has good income, but bad credit on mortgage payment, so banks rejected!

admin answers:

If you have good credit then it will be very easy to get a car loan from any car loan company.But in today’s economy most of us are suffering from bad credit or no credit.There are bad credit auto loans online which are specially designed for the people with bad credit history.You should try to apply for your car loan on web.You should collect car loan quotes & then make a decision to choose best car loan deal for you..

Ken asks…

Does a VA home loan, help people with bad credit? Can you purchase a HUD home with a VA mortgage?

There is an HUD home for around $30000, my husband an i are thinking about purchasing, we’d need a mortgage for around $50000. We don’t have good credit, can a VA loan help with that? Any other suggestions?
Just to clarify, the house is valued at $78000, but has been on the market for 2 years, which is why the broker has lowered the price to 30000.

admin answers:

It can help, they are less strict, it just depends on how bad is bad.

However, there is no way in hell anyone would lend you 50k to buy a 30k house. Even with bright shiny perfect credit this would not be happening.

The maximum mortgage you could possibly qualify for 30k, purchase amount, but even that much is not likely with bad credit. 24k for the 30k house is more likely.

David asks…

Is there any way to scape bad credit history in a co-mortgage if my partner is unable to pay for his share?

My partner and I decided to buy together a home two years ago. He is unable to meet his financial obligations, and is considering to declare himself in bankruptcy. I can continue paying for my share, but definitely cannot pay for his. Is there any way I can escape from this loan without having a bad credit history? Any tips in how to avoid foreclosure or bankruptcy?

admin answers:

Only to pay the loan in full.

Other than that…maybe try to negotiate different terms with the bank.

Donald asks…

is there a place that offers home equity loans to people that have bad credit?

my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.

admin answers:

$76,000 equity is a dream for a mortgage lender. They are loaning primarily on the equity on your house; not as much on your personally. The going rate on a 2nd mortgage ( another word for homeequity loan) is 8.25%. That is a fixed rate for 15 years. WIth bad credit you will pay 9.875%. Sorry but that is the penalty you pay for your previous mistakes. You can have the money 4 days after you apply.

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