Your Questions About Check My Mortgage

Mary asks…

Is there a mortgage that I can pay with my airline mileage card?

I pay thousands monthly on two mortgages, would like to figure out how to pay for them with an airline mileage card. Most mortgage companies won’t let you charge your payment, and writing a credit card “check” is actually like a cash withdrawal that they don’t give mileage for… any ideas? Thanks…
ADDED: Thanks, but MOST if not all will not take a credit card for payment. Try yours, if it works let me know!! Paying with credit for your mortgage is looked at like you don’t have the money to pay for your house, so they won’t take a credit card payment. Thanks.

admin answers:

I haven’t heard that charging a mortgage payment is off-limits…have you checked that thoroughly?

It would seem that they want their money and would not likely be concerned as to how it was received?

…as long as the card used was not drawn on the same financial institution.

If that is just the case with your mortgage company, then perhaps refinancing elsewhere would be your only option?

Good Luck.

Richard asks…

when a mortgage company makes an error what rights do I have?

My mortgage company made a clerical error which resulted in forclosure on my home. I was never late and always paid more and had all the proof but I could not get anyone to listen to me and an attourney wanted large amounts of money just to send a letter to stop the forclosure. I already had all the proof and had done all the leg work. I finally got the forclosure stopped 2 days before the sale and was issued a large check because I had too much money in my escorw after they corrected the error but it has ruined my life. I am a single mom and do not have lots of money to hire an attorney. They all tell me it is common.

admin answers:

Your rights will vary depending both upon the state in which this took place and the contract you have with your mortgage company. However, if you stopped the foreclosure and received a refund, it seems unlikely that you’ll have substantial monetary damages.

James asks…

Will a direct mortgage lender have an effect on your credit score?

I was just told by a direct mortgage lender that it would have absolutely no affect on my credit score/report if he was to run a credit check on me, is that true? He says it is because he is a direct mortgage lender not a broker. Anyone know about this?

admin answers:

BULL S–T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don’t believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home.
I am a mortgage banker in TN & KY

Charles asks…

when will a down payment actually be requested on a mortgage?

My wife and I are going to the bank to get preapproved on a mortgage. When are they going to ask for the downpayment? After we’re approved? Right before we buy the house? Reason being is I will be getting my bonus check next month so I wouldn’t officially have a downpayment until next month.

admin answers:

Yes, you bring it to closing. You pay the earnest money to hold the house when you sign the contract and that is added into the down payment.

Helen asks…

my husband has not made a mortgage payment in months. How do I get him out of the house?

He received OUR tax check back this year in the amount of $12,000 and did not apply any toward mortgage, not sure what he did with the money. Trying to find out how do I go about getting him to leave. I have asked him to leave and he will not. I can’t afford to hire an attorney at the moment.

admin answers:

The bank will start foreclosure proceedings after so many months of being in arrears. Getting him to leave is a short term problem, you need to get in touch with the bank to see if you can avoid losing your house so that you aren’t homeless. Good Luck.

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Your Questions About Check My Mortgage Loan

Lizzie asks…

What will you do with your economic stimulous rebate check?

Save it? (How? CD, Stocks, IRA, etc?)
Spend it? (On what?)
Pay bills? (Taxes, credit cards, mortgage, loans?)

I don’t mean to be nosey….I’m just wondering. I’ll probably put it toward a new ceramic floor for my kitchen.

admin answers:

I wanted to get a 160cc lawn mower at Lowe’s, but now I will have to put it toward a 30 yard container. Since the city code man gave me 30 days to tear down my garage.

Lisa asks…

How do I find out if someone has stolen my social security number?

I recently have went online to check my credit history through 3 different credit companies and also apply for credit cards. 2 of the credit checking agencies asked “For security please answer the following questions: It appears you have recently opened a MORTGAGE LOAN. Please tell us the amount and who the loan was made with”. Well I HAVE *NOT* opened any sort of mortgage loan. No loan AT ALL a matter of fact. So I answer “None” and it always REJECTS me saying the information doesn’t match what they have on record. If they don’t ask those questions, then I get approved for a credit card and/or can check my credit history. Does this mean that someone has possibly opened a mortgage loan under my name and social security info? How do I find out for sure or not, and if they have done so, how do I get them caught?

admin answers:

Call the local credit bureau listed in the phone book and talk to a person.

Daniel asks…

Can I still back out from bank loan?

Hello,

I applied for a mortgage loan, and the paper work is on the way. Nothing has been sign yet. I don’t know if I get the best deal or not. If not, can I back out and go to other banks.

And please help me with this. My credit score is 750, and I get 4.375% for 30 years fixed (conventional). I don’t know if it is a fair rate for my credit score or not? Is there any way to check out beside calling banks?

thank you so much

admin answers:

Yes, that’s a good rate. Keep in mind that the rate that was sent out is only the rate that was available on that date. Rates change daily, sometimes hourly, and have most certainly increased since you were sent the paperwork.
To compare rates, you have to compare within the same day and sometimes the same hour. You can ask your bank what the fees are for 4.25, 4.375 and 4.5 — and then pick up the phone and call another bank and ask them the same question. If you are asking this question on different days, the comparison is meaningless.
Getting “the best deal” is great, but it’s also meaningless if you dont close on time, have no access to your loan officer, and have no idea what the status is of your application. Interview the loan officer to make sure that you trust that s/he is experienced and available to you and will get your loan closed on time. While you never would want a rate that is a point higher than the next guy (and really, recent federal laws have prohibited this from happening) having a smooth process is worth more than saving $100 in fees somewhere.

Chris asks…

Can I build credit from a mortgage I am paying that is not in my name?

I inherited a house and my name is on the title as the owner of the house, but my name is not on the house loan. The loan is still in “the estate of (deceased person)”. I have been paying towards this loan using my income alone for about 5 years. When I inherited the house, 10 years of the 30 year loan were already paid off.

I will have the loan paid off next year and it will not be changed to my name because in order for me to change it into my name, I would have to get a new loan because the loan company will not allow me to assume the loan.

Can I still benefit from paying the loan off even though its not in my name? Or can I only get credit if it is in my name? I have years worth of check copies that prove I have been paying for the loan.

Also, my credit score is 780, so I don’t necessarily need this to have good credit. So, in my case is it even worth it to me to have the paid loan reflected on my credit report?

Thanks!
The loan company does know that the original holder of the loan has died. Thats why the loan says “The estate of (dead person).”

They told me that it would be fine to keep it in the estate of as long as I keep making payments.

They don’t care who pays the mortgage as long as they gets payments. I haven’t done anything illegal and I have followed all procedures according to the probate judge.

admin answers:

Since the loan is not in YOUR name, it has no effect on YOUR credit. If the LOAN is in the “the estate of __________”, the bank KNOWS the person is deceased, even if they don’t realize it. It may be the DEED is in that name, which is a whole different animal.

With a credit score of 780, I wouldn’t worry about getting the loan in your name.. Just pay it off and start putting that payment into savings where it will earn YOU some interest (instead of you paying it to the lender). You will benefit from paying it off by having 1). No mortgage payment and 2). Full equity in the house.

Good for you for wanting to get this paid off! Sounds like you have pretty good financial sense.

Ruth asks…

Can you get a mortgage if you just filed a DBA?

So we were pre-approved for a mortgage but my fiance got laid off 3 days later! After we find our home and apply for the loan they will check to see if hes still working there ( but he’s not). He has tons of side work that is paying well. Can he file a DBA and still get the loan or is that to short of a time to have it? Will this work? please some good advice!
We live in Michigan.
No he doesn’t file taxes because he hasn’t actually got the dba yet. He would have the check stubs from getting paid but no tax returns or anything like that yet. So then getting the DBA wont work if he only has checkstubs?
Why would it be fraud if he gets a DBA and has real checks from real people? They arnt fake checks, jobs, or people so how does that make sense? If he starts his own Business then I want to know if the mortgage company would be okay with that?

admin answers:

The answer is 100% NO

The lender will check if he is still employed. And if they have already done so, you will sign a doc at settlement stating that he is still employed per the original app.

I assume a DBA is like setting up a business and he would be self employed. If this is the case, the lender will require AT LEAST 2 years tax returns.

Sorry, but he needs to find a regular job in the same field or you MUST wait at least 2 years.

Talk with a lender.

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Your Questions About Check My Mortgage Balance

Ken asks…

Finances…I’m upset?

for 6months, my hubby has been taking care of the finances. he said he thought it was too much stress on me and since i had the girls, i should take a break and let him deal with it. i said “it wasn’t stressing me to do the finances, it stresses me that we don’t have $ to cover everything. i said as long as i’m not in the dark, i don’t care who does the finances….if you can do better, awesome.”

when i was taking care of the bills, everything was paid on time, until our dd2 was born. then things started going to the grace period, but still before any late charges would hit. we were having a hard time, living pay check to paycheck, but everything was paid.

it’s been a few months. we are 2 months late on our mortgage. 1month late on our 2nd mortgage. 2 months late on his personal loan. 2 months late on our family car. 2 months late on our life insurance. our car insurance was due a couple days ago. but our cell phones and cable are right on time.

we owe $500 to my cousin for paying some of our bills last yr (when dd2 was born)

$1000 to a family friend for covering expenses to fix up our house. (he’s been paying this balance down instead of our regular bills…balance used to be $4000)

$600 to the birth center/midwife for dd2

we shouldn’t be in trouble. he makes good money. these payments should not be hard for us to make. but we have a mountain of debt from stupid mistakes we have each made when we were younger. we can’t seem get out from under them.

i know hubby works hard. and he’s spread too thin. so he feels he *needs* his computer and gaming to relax. but at what expense? our car? our house? he assures me we won’t lose anything. he’s floating the system the way everyone else does… why not us too.

i don’t know what my question is…i’m just freaking out. anyone have advice?

admin answers:

Take back the bill payments.

Also, write up a budget that shows
– Monthly bills
– Amount of all debts
– Monthly debt payments

My sister just went through this. She is going to create a 3rd bank account for “household” and take a weekly scrape from each of their paychecks each payday. She will pay all the monthly bills from that, and the money left behind will go to pay for online games, cable tv, netflix, etc

Use your bank statements and checkbooks to figure out your monthly expenses.

Don’t forget to include annual and semi-annual expenses like vacation, christmas, and car insurance.

George asks…

Finances…I’m upset?

for 6months, my hubby has been taking care of the finances. he said he thought it was too much stress on me and since i had the girls, i should take a break and let him deal with it. i said “it wasn’t stressing me to do the finances, it stresses me that we don’t have $ to cover everything. i said as long as i’m not in the dark, i don’t care who does the finances….if you can do better, awesome.”

when i was taking care of the bills, everything was paid on time, until our dd2 was born. then things started going to the grace period, but still before any late charges would hit. we were having a hard time, living pay check to paycheck, but everything was paid.

it’s been a few months. we are 2 months late on our mortgage. 1month late on our 2nd mortgage. 2 months late on his personal loan. 2 months late on our family car. 2 months late on our life insurance. our car insurance was due a couple days ago. but our cell phones and cable are right on time.

we owe $500 to my cousin for paying some of our bills last yr (when dd2 was born)

$1000 to a family friend for covering expenses to fix up our house. (he’s been paying this balance down instead of our regular bills…balance used to be $4000)

$600 to the birth center/midwife for dd2

we shouldn’t be in trouble. he makes good money. these payments should not be hard for us to make. but we have a mountain of debt from stupid mistakes we have each made when we were younger. we can’t seem get out from under them.

i know hubby works hard. and he’s spread too thin. so he feels he *needs* his computer and gaming to relax. but at what expense? our car? our house? he assures me we won’t lose anything. he’s floating the system the way everyone else does… why not us too.

i don’t know what my question is…i’m just freaking out. anyone have advice?

admin answers:

Hmm…well, finances can be a big issue in a marriage. Tough one to answer, but my suggestion would be going to see a financial counselor and maybe getting a plan in order, making a budget, and then really sticking to it. I see your point though…I’m just not sure I have a really good answer either.

I guess what I am trying to say is take some kind of action to consolidate debt and formulate a strategy..as you don’t want this affecting your marriage in a negative way.

Chris asks…

Should I pay off a credit card, or get a secured loan?

We’ll be getting a tax refund cheque this year. It would be nice to try and kill two birds with one stone, but I’m not sure my idea would work.

I have “very bad” credit due to multiple collections accounts (I have since paid and settled). My spouse has “bad” credit also, because of little credit history and a high credit balance on his credit card (which will be taken care of with the refund cheque). We’d like to build our credit as high as possible to qualify for a mortgage in 2 years.

I’m wondering if I should use the refund cheque to:
– pay off spouse’s high balance credit card
– get a secured loan in my name to be paid off in 2 years, using the loan money to pay off spouse’s credit card
– get a secured loan in spouse’s name to be paid off in 2 years, using the loan money to pay off spouse’s credit card.

I don’t know which would benefit us best. Thanks for your constructive opinions!

admin answers:

I would go for the secured loan, in your name, pay off spouses card. When the balance posts zero on his credit reports, then have him call the card company & have your name added as an authorized user (as long as his card shows a clean history of no missed payments or at least 4 years of none missed). The card will then report in your name on your credit file too.

You can look up the names of CEO’s of collection agencies & send what we call “goodwill letters”. I did this 3 times & bad, paid accts had the late posts removed, of entire collection accts removed.

I used a site called Lead411.com Punch in the company name & the info will show up. Look for the CFO first, if you see no cfo go with the CEO.

Put YOUR email addy in the TO line of the email. The lead site will show their email extension “collections.com” or whatever. In the BCC line use different attempts at their email addy.

First.last@
f.last@
firstlast@
flast@

Get it? Most will bounce back as undeliverable, one will go through.

Keep your email short & sweet. Add their acct #, your full name, address, bla bla.

Dear Mr.whatchamacallit,

I know you are a very busy man, so I will keep this brief.

Back in (approx date) I….explain how you got behind

Then the time came that I needed to fix my mess….bla bla. Explain how you paid them.

Now comes the time to ask for removal. Be honest…let them know that you are trying to move ahead & having this old, paid debt is standing in the way.

Finally, last paragraph, thank him for his time & consideration regarding this matter. Just add a nice short ending.
___________________________

If you want, drop me a line on my page here (email addys are anonymous) & I can help you with your letter. I got Really good at this a few years ago & I love helping folks clean up their stuff!! :0)

Laura asks…

Is there a time limit for Universities requesting back an overpayment of funds?

Here’s the scoop… After my financial aid cleared in August, I started a payment plan to pay off the remaining balance of my tuition.

I paid the first month. The second month, I tried to pay, but they said “Oh no, the REST of your financial aid went through, and there’s a surplus. Don’t pay us anymore, you’ll be getting a check.”

Score. I got said check, and waited 2 weeks to cash it, just to make sure my account was all good at the school. I then used it to pay bills, the daycare, the mortgage, ect.

Here we are, a month later, and the school calls me. Apparently they mistakenly credited my account, and they want that money back… on top of the money I had been trying to pay for my original balance.

I don’t mind paying what I would have owed, because it’s fair, it’s my tuition, I owe it…. but am I responsible for returning their error? If they had called me right away, I’d be cool with it, but a MONTH later!? That’s just cruel. They’ve offered to set up an interest free payment plan, but do I HAVE to give it back? Legally? I live in Oregon, if state law makes a difference.

admin answers:

It doesnt matter what state your in to be honest, yes its just the same as if an employer had overpaid you- you have to pay it back. Call the financial aid office to see whats going on or better go in and have them print out all the info and walk you through the reasons they overpaid etc- but you will need to pay it back or they can take you to collections and also kick you out of school. And you def cant hide- remember they have all of your personal information!

William asks…

Buying a home, need to increase my credit score, help?

I need some credit score advice… We had our credit pulled twice from our mortgage lender, the 2nd time was because the first score was going to expire, since we aren’t closing until a later date… And my one score from experian dropped 50 points!!!! My other 2 scores, and my hubby’s dropped a few points just from the inquiry from the last pull, and we wanted to find out why….
The ONLY difference in the 2 credit reports is the inquiry from them pulling it, and my credit card balance went from $160 to $140, THAT’S IT! The broker looked it over and was dumbfounded, and said he agrees with me that we made no big purchases, nothing got paid off in a big amount, nothing in collections, etc, I mean NOTHING!!! But he said that’s what happens with credit report company’s and I will just never know why it lowered that much… I can’t pull the report and dispute it because right before we close on our house, they will check our credit again to make sure we have no new inquiries and I can’t have mine show up
… Basically I’m mad that I did everything I was supposed to… I didn’t cancel any cards, no major purchases, paid everything ON TIME, didn’t have our credit pulled, etc u name it, I didn’t do it trust me! I had a bunch of people look over the credit report

… I want to know how to increase my score even just by a few points before it gets checked again in a month. I have a credit limit of $500 and owe $90, should I pay it completely off, or will that hurt my score?? They said they don’t care about what’s in the credit report, they only look at the score and go by that, and we will have a higher interest rate because of my big credit drop, lovely!

So will paying off my credit card of $90 balance help right away with the score itself, or no? Thanks in advance!
No, we have no negative items, only 1 credit card, and a very small student loan payment that has payments made on time, and actually made in advance so we don’t owe a payment until October… Should we pay another payment just to keep activity with the student loan payment?

admin answers:

One thing. From the Suze Orman Show.
Before applying for a home make sure your cards have a $0 balance.
Do not use them. If you can try to do this 3 months beforehand.
So, could you just pay them off today?
Hopefully you don’t think that carrying a balance is good for credit. Do you?

It could very well be that the scoring system changed.
Changes are made from time to time to the formulas.

I hope that you have clean credit reports without any negative items.
If you have any negatives, I just wasted my time.

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Your Questions About Check My Mortgage Balance

Mary asks…

Forced into double homeowners insurance?

As everyone with a mortgage knows the loan can be sold again and again. I’ve had my condo for 5 yrs and my current loan is 3 years old. 6 months ago a new mortgage company purchased my loan and has forced their homeowners insurance on me. I obtained the proper documentation from my condo association showing I have in fact been insured for the past 5 years. I sent it to my mortgage co., but they are still adding an extra $300/month for their insurance. They’ve hung up on me, are rude and I can’t exactly drive to them and settle this in person.
There is no question that this is not legal…I cannot be forced to have 2 policies. When we spoke they said even if it was resolved they would not give me a refund, they’d put it into the principle balance. Because I shouldn’t have been billed this in the first place I want a check sent to ME. I believe I need to get a lawyer involved to help me get my money. What type of lawyer could help with this? (ps- I live in VA)
YES it is coming out of my pocket. Every month.

admin answers:

You need a lawyer in real estate, plus that mortgage company might be violating state law.

Thomas asks…

Advice appreciated regarding Credit Card policy for Banks?

I would GREATLY appreciate some help/advice from any Attorneys or Financial Gurus out there..

About 15 years ago, I took out a Visa CC issued thru MBNA.(I took it out in my name only) After my hubby took a BIG pay cut, I have used it 2 make ends meet for the last 4 yrs.

I have run up a very LARGE balance.

About 3 yrs ago, the acct was taken over by Bank Of America.

We have pretty much been using BOA for all our banking. We have our checking acct., my hubby’s business acct., our home mortgage (still in excellent standing, with only a few years left to go), as well as a rental home Mortgage with them.

We even have our children’s savings accounts there.

I have been considering working with a debt settlement service on the CC balance, but am concerned with our bank affiliation. Can this action hurt our current mortgages and accts or is this considered a separate matter. (especially since it was taken over from MBNA)

Any insight is valued….
Toodeemoo:

Thank U so much for your response filled w/ great info. You are a “rare gem” 4 sure! You are an honest & repittuble person, who is providing a much needed service. in a business full of “lumps of coal”.

Shamefully, many CC businesses only want to exploit others. They prey on those down on their luck, and will advise clients to make bad, life altering decisions using their calculated lies and mis-information.

If possible, I would GREATLY appreciate the name & contact info on your CC business. (Just in case!)

Also, I would be happy to refer your business to others in need of representation as well. (That is if you still accepting new clients)

Please contact me by the email address listed on my profile to advise me of your office contact info. (Just in case!) If you are not accepting new clients, perhaps you may have a recommendation that would work well for my needs. They next best thing as to you in my corner…
Thanks once again!

admin answers:

If you continue to pay your other accounts, it will not have an effect on them. It will lower your credit score, which will mean it will be difficult to get credit at a good rate in the future. Usually two or three years.

Before you go to a CC agency, contact the bank and try to work it out with them. Often, they will let you make some arrangement for repayment. If your credit is better, you may even be able to take out a second mortage or personal loan to pay off the credit card and reduce your payment/interest rate. It’s ALWAYS better to try to work this out with the bank before you start hiring Credit Services. I know. I OWN one, and I tell my clients to do this before I sign them up. I have also been an attorney for 25 years.

If you have a good long term rating with BofA, there is a very good possibility that you can work this out without destroying your credit.

Mark asks…

Are you ready to stop bank abuse?

We all hope that some bank CEO will find the bravery to reverse their abusive policies.

I call on all celebrities, anyone who can, to join in a boycott and withdraw your money from American banks. The speculation of banks folding compared with wanton, unethical treatment of good, moral people is a no-brainer. Withdrawing from banks is the lesser of the two evils. Use Swiss banks, any banks that you can other than American banks. As one reporter said, the mattress is looking good right now. I do realize that many of you have already had to resort to that.

History has shown that the social injustices that have been partially corrected were begrudgingly done so only because of societal pressure. Denying female citizens the right to vote, denying human dignity to black citizens, actually making it illegal to teach a slave, refusing to pay reparations to victims of factory toxins. Cops who beat their wives getting the protection of the police force because of their code of silence. So many victims of fraud.

In our thirties and with two babies in tow, my husband I built onto our first home. We pick-axed the trench, poured concrete, hammered thousands of nails, lifted 2 by 4’s; nailed window headers, installed a full bath, lifted tar rolls and shingles to the new roof, spackled, painted. That two-year process was back-breaking work, but my children got rooms and we began to grow financially. I remember my children saving their Christmas and birthday money in Bank of America, $15 dollars at a time. I was teaching them the value of saving money. Each child got their accounts up to $85.00. Bank of America never told me that the accounts had to be at least $100. So, my children’s gift money from relatives was taken by Bank of America. So began my lessons with Bank of Amevil. Years of viciously tremendous MBNA interest fees never allowed us to decrease our debt with them. While MBNA made 100% profit for years on all of our payments, our balance just kept increasing.

When we bought our final house, National City Mortgage held the loan. You can do all of the research you’d like in order to make an informed decision, but in the end, you will probably go with the advice of the “experts.”

In 2007, my husband and I lost our home, all of our retirement, had to sell a car, moved three times within a year, sporadically go grocery shopping and usually have 10 or 2 items in the fridge, have ceased purchasing clothes even at the thrift shop, have canceled home phone, internet, my cell. Two bankruptcy attorneys told me that we could have easily qualified for full bankruptcy. My husband has been laid off. But for moral reasons, rather than make creditors eat all of the loans, we entered debt settlement.

Now in our fifties, we have started new. No longer with Bank of Amevil, our new credit life with this bank has been honorable. When we opened the account, they offered overdraft protection, which we have used. We make heroic efforts to pay it back. We’d like for our banking history with this bank to based on our clean, timely payments. We constantly sweat the threat of overdrafts, just making it by pennies. This is a long, slow, painful, extremely stressful process, but we are trying and doing moral best.

However, this new bank found out about our settlements with past creditors, which have nothing to do with the new history we have established, like paying large amounts at a time back for the use of the overdraft protection. With no warning, this bank lowered our overdraft protection and set into motion the likelihood of bounced checks, this time with the creditors with whom we have agreed to settle. Aside from the unethical dilemma in which this bank created for us, the new life of showing prompt payments and good faith, and now future creditors and those who check credit, potential employers, housing, it has been sorely damaged, again.

This unethical treatment of banks preying on those of us who are trying to rebound from losing everything and reestablish our lives must stop immediately.

When I got my undergraduate degree, I read of one theory as to why the ancient Roman Empire fell: their greed.

Corporate greed has long been out of control. Corrupt CEO’s and lobbyists are not only not penalized, they are somehow tremendously rewarded. But morality is not. Morality does not enter into their business practice with customers, though many customers, such as ourselves, use morality to guide our dealings with others, even businesses.

It is a shameful comment on our society that the business world has sentenced us to a legacy of immoral, abusive people.

The greedy have made it clear that money is the only language to which they will respond. Withdrawing it is the only pressure that may force them to stop these perpetrators. Good heavens, Chase charges monthly fees to just check your balance.

To those of you who, like us, have already lost everything, I wish you luck in your struggle to s

admin answers:

Lmfao! Oh get over yourself.. When were you born? Just yesterday?

Give it a break.. This goes back way past the days of our big depression of the late 20’s… Eh.

Now, get a job! Bring money into our economy, willya?

Sharon asks…

Closing soon will they have issues because they charged something on CC?

My brother and his wife are closing on a refi soon (clear to close). The wife made a purchase of $1,400 on an existing credit card. She got worried since she thinks they may do a 2nd credit check prior to close.

But the thing is, I know each of them has a FICO score 800+ (saw the report) and their combined salary is $140,000 a year (I do their taxes). They have no kids and their expenses are minimal (yeah i am jealous) I told her if a $1,400 purchase is going to break the deal then 1 – They have no business owning that home. 2 – You must have racked up more than $1,400 in new purchases/new credit since the first credit check 3 – Stop worrying as its out of your hands.

First off I doubt the new balance will even reflect on the credit report if they pull it this month. Even if it does I can’t see how $1,400 could change their situation considering their scores, combined salary levels, and expenses (minimal). I mean their mortgage is only $1,200 a month. They don’t live beyond their means nor do they live in a huge house.

I know a couple that has scores of 700 and below making $80,000 COMBINED that had issues with closing on a NEW home this year. Why? They went out and applied for 5 new credit cards and racked up $15,000 worth of stuff for their new house right before close. That’s a true problem. Am I right?

What do you think?

admin answers:

You are absolutely right. In a worst case scenario a $1400 credit card purchase won’t even increase your brother’s 8% debt to income ratio a single point, and may not even appear on a credit report yet.

As for the other couple there is not enough information to say for sure, but they could be putting their terms or even their approval at risk since that could be considered a significant change in their financial condition. Five new credit cards could reduce that 700 score and either increase their interest rate, or cause them to be denied for Private Mortgage Insurance if they are applying for a conventional loan with less than 20% down.

Charles asks…

Can you get an equity line on a home you are going to buy to use as part of the financing for that same home?

My wife bought a home that was appraised at $285,000. The mortgage company had her put down $15,000 in cash and then financed the home by giving her a fixed rate first mortgage for $170,000 and then at the same time gave her a variable rate Home Equity Line Of Credit against that same house she was buying for $100,000 to use to finance the balance. This just seems really odd to me.

First, in essence it appears that they let her borrow $100,000 against the equity of a home she didn’t’t even own until after all the money had changed hands.

Second, since she only put $15,000 cash down and the combined loan balances add up to almost 100% of the house’s appraised value then how was there even any actual equity in the house to borrow against in the first place?

Can anyone can say if this was a proper way for an OCC regulated nation bank to make a home loan? What kind of state of federal office can I check with to see if this was in any way predatory or improper?

Thank you.
In responce to double checking facts.

The appraisal was for $285,000 and the sale price of the home was $284,900.

The second loan came with a checkbook, all papers say that the second loan is a variable rate home equity line of credit and the approval letter states, “You have been approved by (bank name) for a home equity line of $100,000. This transaction will occur simultaneously as the first mortgage loan. The first mortgage loan request was based upon a home equity maximum disbursement of $100,000 at closing”

admin answers:

This is illegal, but I don’t think you have all the facts straight. For one, the appraised value and the purchase price are occasionally very different. In addition I question whether or not the second loan was a HELOC or simply a second mortgage, often done to avoid paying private mortgage insurance which is legal. Break out the closing documents on the purchase and double check.

It isn’t illegal if it is done simultaneously but the logic behind borrowing with a maxed out heloc doesn’t make any sense unless the heloc interest rate was lower than a conventional second ARM. Banks are highly regulated, even before market crash. Often the best place to start is with your state’s attorney general. I agree it does sound predatory due to the lack of logic.

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Your Questions About Check My Mortgage Statement

Robert asks…

Beware of Countrywide Bank Lending “Impound account set up”?

I just bought a foreclosures home at the end of Oct 2008 in West Sacramento. I just received a statement from Countrywide Lending informing me that my mortgage payments are going to increase $450.00 month. Reason being there was a short in my Impound account. I just couldn’t believe this, I was very upset. How could Countrywide affiliate with Bank of America make a bad calculation? I was not happy at all. I then made an appointment with the Countrywide Loan Officer and ask him and the underwriter. How could you all make a large mistake not calculating the payments correctly and not collecting the funds during Escrow? This is not a sub-prime loan or a pick a payment loan. Be aware buyers out there. When applying for a home loan with Countrywide. They will give you an estimate of “Property Taxes” so, being that I bought a home in West Sacramento, there was Mello Roos and other assessment including in the taxes. Which I was not aware being new to the county. The loan agent and underwriter said” well if we would have calculated the MelloRoos and Assessment “you would NOT qualified for the loan. I was appalled when I heard this from an underwriter and a loan officer from Countrywide. This sounded like the loan officer was selling a pick -your payment option/sub-prime loan. Bottom line Countrywide Bank loan officers are they just to get there share. It’s all about the $$$. I asked the loan officer and the underwriter. “So, you’re telling me Countrywide is not aware of the property taxes that are being paid on there “foreclose homes”. That’s all bull@#$. Then lender has to pay for the darn property taxes, which includes Mello Roos and Assessment. Now, I understand why Countrywide is now affiliate with Bank of America. All Countrywide Pick-a- Payments loans they sold. As a shareholder for Bank of America and ex- employee of Bank of America. A message to any Associate from BofA in Sacramento area. Loan agents, you need to train the CountryWide loan officers and underwriter at here in Sacramento area. I just can’t believe this is happening out here in the Sacramento area. Not to mention Countrywide is now affiliate with Bank of America. What a shame. So be aware … there is still not honest lenders out there. Before buying a home. Make sure you find out the property taxes in that county you are buying from first. Don’t leave it to the “Countrywide Loan Officers” Check with the County Taxes Assessments first.
Ken Lewis .. should have back away from the deal of Countrywide. BofA associate, train your Countrywide lenders out here. This type of services impacts the quality services to consumers and it all falls on “Bank of America” now that we affiliated Countrywide. Take “Ownership” as a shareholder.

admin answers:

Ultimately, you are always responsible for property taxes or assessments. So if the county has a website, it is best to find out previous taxes on that specific property, or whether they have a way to “estimate” based on value (since Proposition 13 or tax on an empty lot before new construction might make previous taxes artificially low).

And it is best to check the county site to track if your lender is properly paying your property taxes from escrow on time.

I had problems with my lender neglecting to pay taxes on my double lot the year purchased (2002), which I suddenly had to pay myself directly after receiving notice of tax sale. Then my lender misunderstood, thinking they had paid the wrong bill (when they should have paid both), and sent me too much back from escrow. The following year when it finally sank in that they had to pay both lots, they bumped up my escrow payments to catch up. But I knew that would come eventually, so I was prepared for the escrow increase.

Donald asks…

Employer retracted a job offer, What can I do?

I was offer a Job with a Financial Company and a few days later the offer was retracted.

Here are the details.

Day after interview, Company called to offer me a position, I accepted (verbally). HR stated an offer would be sent to me in the mail and I was suppose to complete the fallowing paper work and bring it in on my first day.

Received offer, Filled (signed) out documents with offer. Along with offer there was a statement I needed to fax in so they could conduct a background check (Faxed it in same day)

4 days Prior my first start day they called me and said Due to my Credit report the offer is No longer up.

So more info. Lost my job awhile back (3 yrs or so ago) and couldn’t find a job that paid enough for me to pay my mortgage and living cost. Ended up using my credit card a lot (building up debt). Time past still couldn’t find job so I became self employed (independent Contractor) for about 2 yrs. Didn’t really make a lot of money but enough to pay the mortgage and living cost. Credit Card Bills went unpaid. Saving Chapter 7 Bankruptcy for when I 100% need it.

Is the job offer retraction legal? I read in a few places stating that once the offer is made on paper they cannot take it back and others say if the hiring process isn’t complete they can retract it.

admin answers:

In most job offers today, they do a background check for any criminal, credit and verification of any education you have stated. In most offers they will state somewhere that this offer is “conditional” or “contingent” that the background check comes back “clean”.

In your case, your background check of your financial history is “dirty” and in a position of a financial company would be absolutely a reason to disqualify you period. Granted you had some valid reasons for running up your credit cards to “survive” and most likely are at the point you may have no other option but to file bankruptcy at some point, but be advised that filing bankruptcy can also disqualify you since it could imply you cannot manage money.

With a financial company, they are scared that due to your financial problems in the past/present makes you a candidate to steal or mismanage funds if you work there and something should happen that might “tempt” you to.

I worked as a claim adjuster in many insurance companies and even though I was an employee, every year they ran credit checks on me since I handled checks on a daily basis. If my credit had ever been bad, I guarantee you that they would have taken away my privilege to write checks or have every check approved by management.

My suggestion due to your credit background is to apply in a position where you have no access to finances period or you will forever be hired/then retracted and be spinning your wheels.

Good luck

Mark asks…

What else is left on my Re-Fi closing?

Well I’ve been told our mortgage re-fi has been approved. We signed the commitment letter and sent it back. We completed all conditions. The last condition they requested was a verification of reserves (bank statement for savings account). The loan officer said that was the only condition they needed to clear before close. But is it???? I want to be prepared, what else could they want? I don’t want to waste any time. Shall we print up more paystubs to have on hand, print out 401k statements, etc…????

I know the commitment letter said something about “We may require that credit info in your mortgage app be updated prior to close” Is this a 2nd credit check? I was curious if they would tell me if they are going to do a 2nd chk. Because all these checks/inquiries (prior to going w/this bank we had a broker and there are 9 inquiries in the past 4mo!) are hurting my credit score. I just checked it and it went down a few points!!!!!

How long does it take to get a closing date set? I feel like this is dragging and the commitment expires 12/31/10! I got 4.100% for 30yrs and I don’t want to lose this rate or go through the process all over again.

admin answers:

Sounds like you’re fine to me. You’ve got 3-4 weeks left and light at the end of the tunnel. That’s a lifetime in loan officer time. Your current income and credit should be irrelevant at this point in the process. They want to know how much you have in cash now and if it matches what you said you had before. Just pull out your mortgage app and make sure there hasn’t been any major changes since you first filled it out. Let your loan officer know if there has been. If you’re getting close to the deadline be pleasant in asking for updates, but persistant. The loan officer only knows as much as the credit underwriter tells them or is available in their system. Depending on your loan type, the credit underwriter might be a bit overworked (last 2 years has been rough on them)

Good luck and congrats! (awesome rate)

Mary asks…

Algebra Help!!!?

Using the addition property of equality solve each equation. Be sure to check your answers.

1. y – 3 = -17
2. -5 + y = -19
3. r + (3/5) = -( 7/10 )
4. x + 10.6 = -9
5. 13 – 3r + 2 + 6r – 2r – 2r – 1 = 3 + 2*8
6. 4r – 3 = 5 + 3r

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Solve each equation. Be sure to check your answers.

1. 6x = 18
2. -6r = 3
3. (-5/8) x = -25
4. 12 – 18 = 12y – 6y – 3y
5. 8r = 3r – 10
6. (3/4)x – (2/3) = (7/12)

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Solve each equation. Be sure to check your answers.

1. 2x – 8x + 35 = 5 – 3x
2. 2 ( x + 2 ) = -4x – 2
3. 7 ( 3m – 2) + 5 = 6 ( 2m – 1) + 24
4. -2 ( x – 4) – ( 3x – 2) = -2 – (6x – 2)
5. 17.3 – 2.7x = 10.55

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The equation 4x + 6 = 2 (x+3) + 2x is satisfied regardless of what real number is substituted for x. Substitute a few real numbers and then try solving the equation. Describe what happens.

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What is 16% of 90?

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Put the following equation in terms of y. (For instance y+x = 2 converts to y = 2-x). Substitute the value for x into the equation to solve for y:

1. 2x + 6y = -12; x = -2
2. 2x – 5y = -10; x = 0

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Determine whether each number is a solution of the given equality.
1. x = 23 a. -5 b. 0 c. -9

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Describe the graph using set-builder notation

-10 -9 -8 -7 -6 -5 -4 -3 -2

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Use the multiplication properties of inequality to solve the following problems. Graph the solution sets.

1. -7x > 21
2. -7x 12

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The product of 8 and a number, decreased by 14, is 218. Find the number.

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Maria is working with a realtor whose commission is 10% of the selling price of her house. If she wants to get $72,000 to pay off her mortgage, what should be the selling price?

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Given that my number is greater than 16 and less than 19. Given that your number is greater than 12 and less than 20. Therefore, our numbers could be the same. Is this a valid or invalid statement?

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Solve for x: (-3/8) = (6/x)

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Which one of the following is true?
a. A statement that two proportions are equal is called a ratio.
b. The ratio of 1.25 to 2 is equal to the ratio 5:8.
c. The ratio of a 12-inch plant to a 4-foot plant is 3:1.
d. If 30 people out of 70 are men, then the ratio of women to men is 40:100.

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The measure of the angle’s supplement is 52 degrees more than twice that of its comlpement. What is the angle?

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A sailboat has a triangular sail whose area is 221 square meters. If the sail’s base is 26 meters, what is its height?

admin answers:

Don’t be so freakin lazy

James asks…

How do you get a final on your divorce when you work overseas?

My wife pulled a slick one, I separated myself from her around june 09 because things had become to volital and to violent. I only returned to pick up a few things here and there, I moved in with a friend in SC until I could find a job. I started contracting overseas jan 10, when I returned late that year I found out she filed for divorce, but she filed it as a divorce of bed and board. With that I countered with a lawyer for absolute divorce based on the time away. I don’t think my lawyer has had my best interest since I left to go overseas though, recently my STX lawyer filed an erroneous claim in court because they say according to the previous judgement I wasn’t paying my portion of the mortgage although I sent bank statement that proved otherwise, with that I also had my brother to send the copied checks that she sent to my house for her share of the mortgage the easily proved she did not pay IAW the order, nothing was done about it. To make a long story short the decision was made that I not only make the full payment of the mortgage but that it looks like to me that since I’ve got a job now, I’m to pay her support! Wow…and a portion of my account is not to be spent that it will be used as marital property on final, now this is the money I managed to save since I started working. Understand she’s into day care and have been about 20 years, make good money! Wow looks like I’m getting screwed for going to work and being overseas….How do I end this thing, and at what point did my separated account that I’ve had for years be legally used as marital property? Better yet, if that’s the case why wasn’t her’s as well? WTH….

admin answers:

You should have a trustworthy attorney write up the settlement agreement and propose it to her or set it for trial to get a judgment.

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Your Questions About Check My Mortgage Balance

Helen asks…

Credit Card Fees . . . Can they do this?

Three weeks ago I found out that my UI Benefits, after 52 weeks (or one year) would need to be re-certified. It’s something my state does to insure that a person should still be receiving benefits, if they are following the rules to qualify for benefits, if someone is working part-time the correct salary is being reported, etc. I was told by the local UI office that there was no doubt that my benefits would be resumed, but because I fell into the one year time frame, I had to go through the check as well. At that time the UI office explained that it could take up to 4 to 6 weeks to get re-certified, so the wait was on.
Not wanting to take a risk of being late on a mortgage payment (I’ve been blessed up to this point and never been late on one yet), I made my January mortgage payment using my gold visa credit card I have with Bank of America (it’s a regular credit card with a $29 per year renewal fee). My mortgage payment is $663.00 per month . . . no where near the limit on the card. I used the service MoneyGram to make the payment, and my mortgage was paid on the 21st of December. I received my statement and was shocked to learn Bank of America charged me a “Cash Equivalent Fee” of $26.91, as well as a “Credit Protection Fee” of $6.64. My UI benefits were re-established and I paid off the complete balance on the credit card (twenty days before my due date). I guess the question of “Can They Do This” is a little late, because they did it, but can they do this?
What if I were purchasing $600 worth of clothing and the seller only accepted MoneyGram as payment. Would Bank of America still charge me a “Cash Equivalent Fee” and a “Credit Protection Fee”? I could see if I were late making payments, but I have never carried over a month to month balance on any of my credit cards. Bank of America only knows that I changed my credit card for $X amount and used MoneyGram to make a payment. I consider the transaction as a change, NOT a cash advance.
I’m to understand credit cards (or banks) are pushing the envelope when it comes to interest rates associated with balances, but this is ridiculous! What are my chances of negotiating with Bank of America to get my account credited for $26.91 and $6.64.

admin answers:

MoneyGram took a cash advance on your credit card and then wired the payment to your mortgage company. You also should have been charged interest from the date of the transaction — no interest free grace period like for purchases. You are stuck with that charge.

You might have been better off to have used the credit card directly with the mortgage company. Sometimes those transactions are not processed as cash advances.

As to the credit protection fee, call the credit card company and cancel that. Somehow or other you got signed up for that and you want to cancel it before you get hit with another fee next month.

Michael asks…

How can I get my husband to finally see his spending habits are slowly eating away at our marriage?

Before I got married, I was frugal and had great credit. I knew my husband was not very good with money, mostly because he couldn’t remember to break out the check book and pay his bills. My husband has poor credit when we got married but with me being the “bill payer” in the family, we were able to pull his credit score up.
At the beginning of our marriage, I noticed he liked to spend but after a gentle reminder we needed the money to pay this or that bill, he would calm down. However, in the last three years, I’ve noticed that his spending has become worse and his attitude toward it has become very negative.
First, we had a joint checking account, but he would never tell me when he was taking money out (although he never put in). So, I began bouncing checks. After a year of this, I shut it down. He understood the reason for my decision and that was the end of it. About two years later, I got us a joint credit card. Foolish, I know, but I honestly thought with his making more money and growing up a bit, he would be able to handle it. I was wrong.
Over the past year, he has rung it up to it’s max. It’s not that he goes on shopping sprees and buys junk. Most of it is irresponsibility (like renting something and never returning it so it rings ups thousands of dollars) or buying me flowers (it’s nice and all but on our joint card?) and insisting we eat out all the time (though he swears it has nothing to do with my cooking). Today, he called me from the gas station to come rescue him because our credit card was declined because it was maxed out (I’m hoping the embarassment would teach him a lesson but something tells me he didn’t learn anything).
I’ve tried numerous times to have a civil discussion about the problem but I get empty promises “I’m having a good month, I’ll give you a little extra at the end of the month to help pay the card” only I don’t see it or he gives me an extra $300 then he rings up $500. Or he gets defensive and screams at me.
I’ve tried a couple of things that have done more harm than good.
When I went in to get my car loan a couple months ago (I had to get another car because my old car finally died), I was talking to my bank. I happened to mention in passing that my husband likes to ring up the credit card and I just couldn’t reel him in. She suggested that I transfer the balance from my card that has a high APR to their card for a lower APR and then letting my old card expire and not renew it so the new card is in my name only and I can pay it off. I had no intentions of telling him the plan. Only to have my bank call me and leave a message on our answering machine. He asked about the message and I told him that it was about transfering our balance to a different card. I think he realized what I was doing and he acted a little disgusted about it. But I didn’t care.
Today after the situation at the gas station, he asked about the new card (which I decided not to transfer the balance until the card expired to prevent the card from getting rung up again before it expired at the end of next month. I explained I hadn’t activated the new card yet and that I thought we ought to not use the new card and go on a cash only basis. He threw a fit about not having a card for emergencies. I suggested he open up his own credit card and see if he can get something with a low balance.
I’m done with us having joint expenses. He’s 40 years old and still can’t handle being responsible with money. I feel that I have no choice but to separate our expenses with the exception of the mortgage, utilities and car insurance.
This issue isn’t going to go away just because I split our expenses. Eventually, he’s going to start relying on me to bail him out everytime he can’t charge his gas or charge his lunch at McDonalds (I could kill McDonalds for having a credit card paying option). And it’s going to be a source of many arguments from now on (we don’t really fight about much… just this).
I also want to add that a lot of his spending (outside of eating out, flowers and not returning items he rents) but also commits us to things that we don’t have money to do. For instance, he will make plans with our friends and buy the tickets for concerts or rent hotels for weekend trips away without out my knowledge or consent or he’ll tell his parents that yes, we’ll join them on their vacation (where we are paying our own way) without consulting me. He does this often, even when money isn’t involved (sure, my wife and I would love to come to your party!). This gets under my skin!
It’s these behaviors that are slowly eating away at our marriage. When I said I would love him for richer or for poorer… I thought it meant for richer or for poorer when it’s beyond his control not through lack of responsibility. I could really use some advice.
Liz – people change. My husband was trustworthy when I married him. Just because you marry someone doesn’t mean everything in your marriage is going to be wonderful. No marriage is perfect and trust can be broken.

admin answers:

It’s hard to look this problem straight in the face I’m sure…
You can’t control him but you can control yourself. It’s good that you are beginning to stop enabling his behaviors.
Next time this happens do not let him cross your boundary, allow him the experience of solving the problem on his own and holding him accountable.
Get separate accounts, you have a marriage…you did not sign up to be his benefactor or parent.
You can love someone with the entirety of the world and still not give them the ability to put you out or cross your boundaries.
Next time he commits to something you don’t want to do, make it clear. Don’t get mad but simply say you are not interested or you cannot afford it. If he insists then it is his decision and he can do it alone and pay for it alone. With his own money. On his own card!

Sharon asks…

Relationships, Money, X’s – My GF owes money?

Very long story…

I really love this woman. I have dated her for 2 years. She is athletic, smart and likes to do a lot of activities which I also enjoy doing like riding road bikes and mountain bikes as well as hiking.

After dating for about 18 months, our relationship seemed to have many up and downs. We broke up two times and got back. In December 09, we went on a day trip snowboarding(yes, she likes that too) At this point we were back together. The night before the snowboarding trip, she had used my computer to do farm ville and check her emails. The day went well. I went home that night and used my computer. I opened the email and found that her email was logged in. I could not resist not reading it once I saw that a few of the emails were from her ex-bf…

This woman had a child when she was 19 y/o by an abusive boyfriend. The bf did not stick around/she left. She later dated/lived with and eventually married what seems to have been her “first love”. They were together about 8 years and the marriage lasted about two of those. After her divorce, she bought out the ex husband from a house. Seems like she had to refinance her home in order to get cash to pay off ex.

At the time that she got divorced, she started dating her ex boyfriend. This person now seems to have been her second bf as a teenager (her ex hb was her first) What I have been able to gather is that this last boyfriend did not have a job or managed to borrow and not pay my gf money during the time he lived with her. Currently, there appears to be a balance of about 12k that he owes her.

Back to the snowboarding trip and emails, my gf and I had recently had some disagreements about her meeting an ex of mine because of a mutual friend’s party. In the emails that I saw, she was very openly communicating with her ex boyfriend about how bad of a person I was for bringing that up.

She openly denied about communicating with her ex then. She lied about having seeing him. She did not bring up that the ex owed her a lot of money or what her lifetime “friendship” or relationship meant.

Now, after the December and the emails and all that. I realized that I really love this girl and I want to stick with her. We talked about and came to the conclusion that we need to live together and I rented out my place and move to her place.

Since, I have found out her financial situation. She basically is maxed out on her mortgage and possibly may be able to get out of her house if needed to, with a dollar in pocket… She has a very high mortgage payment and a maxed out house line of credit. The amounts are over 500k (45k as line of credit and the rest in mortgage) for a house that is in poor condition that may not yield as much. She had a 44k balance on credit cards for which she sold a car and managed to pay off about 26k of that from the sale. So there is a balance still on credit cards of about 18k. The ex owes her about 12k and is paying $100 a month… which equals to about a minimum payment on a credit card.

I feel that before I marry this girl, she needs to get a handle on her finances and realize where she is at with them. I think she needs to go after her ex boyfriend to recoup some of that money he owes her.

Now, for the other part of the story. My gf still thinks of this ex boyfriend as a friend. I think he is still manipulating her into thinking that she needs him for something. What grown up man will use a woman to pay his rent and loan him money and meet “his needs” and walk away owing money to her? I think this is BS and she needs to understand that he is not her friend. This has been more a problem recently in that I really would like him to go away from the picture.

Comments welcomed…
Thanks for your responses. Leaving this woman is not going to be easy.

– I feel that I can’t trust her.
– If I walk out now, my financial damage is not that bad. She will be in a bad situation because she will soon run out of savings to pay her mortgage. It appears that she made decent money at some point (40k a year + commision), but after the recent layoffs, she had to get a job that pays maybe 40k with commision. To afford her mortgage & living, she has to use up her savings and charge more on credit cards.
– I feel as thought if the financial burden was not there, it would be so much easier to plan a life together.
– On top of the financial burden, there is the x situation to deal with. I read the socipath description and I see some resemblance… tragic.
Thanks for the responses. I am feeling pretty guilty about this situation. I should have definitely ran the other way in December. Why didn’t I? Am I a sucker!

I had another talk with her last night. Explained my issues about the ex and how he manipulated her. I feel as thought the sociopath description is pretty good so I offered that. She momentarily accepted that he was not a real friend and that she didn’t like to feel like a sucker.

The guy was in contact with her over email about being late for his $100 payment. She was brief on her email responses but did respond. She and I had previously agreed that she would still accept the payments and that eventually he would stop paying… but I didn’t agree that she would accept gifts or anything else from him…
My main issue now is that she even denies that he sent her an email.
I don’t like what I have become… paranoid and not trusting and prying. I justify by saying that is going to be my wallet..
Here is what I saw last;
————-
Subj: April payment (April 6)
,
I have had a hell of a few weeks and I am dealing with so much BS I spaced the payment. If you need me to deposit directly into your account I can tomorrow and if I do not hear from you I will just mail it off as I have been.
Long story short, living with is not working out at all and if you want me to elaborate I will be more than happy to.

——————–
Subj: Re: April payment (April 7)
Hey ,
Thanks for the 411 – please mail the payment when you can. FYI – please don’t mail me anything other than payments…
Sorry to hear about ?!

—————-
Subj: Re: April payment (April 7) (From him to her)
Might I ask why I can not mail anything else? Just so I know, I thought you would enjoy the CD’s and such.
——–
Subj: Re: April payment (April 7) (From her to him)
Jealousy
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Subj: Re: April payment (April 7) (From him to her)
To be honest that is upsetting and hurtful, 20 years down the tubes. I would not take that from anybody…nobody has the right to butt into my past…it is mine and that is all we have when we are on our deathbed. But then again this is your future so I have to understand.
I personally feel If one can not be secure with me then I would not want them around…but that is me.
Thanks for understanding about the payment.
——-
Subj: Re: April payment (April 7) (From her to him)
I know
——

Well, other than that the car is good, is good, the dog I am fostering is getting better and work is crazy busy…so I have some good things going on.
You take care and never, never hesitate to call if you are in a bind or just want to talk…I am your friend forever, regardless of the choices you have made with your new man and not being able to stay in touch.

admin answers:

Holy crap. This doesn’t sound too good. She has a lingering relationship with an old lover that has leeched off of her. And just how in the hell can someone making 40K afford a 500K home? Impossible. Not unless she got 60K in commissions.

If you ever marry you will be in the hole and end up owing. The ex is troubling to say the least. Then she lied about being in contact with him. She has far too much baggage. Maybe you want to hang around to see how it goes – you do care for her. But I would not marry or otherwise be too deeply invested in this relationship financially or emotionally.

You seem like a really smart, nice guy. Funny I road and mountian bike and ski too! If you rock climb we’re totally alike!

Sorry, you’re between a rock and a hard place. Just protect your heart and your wallet.

Jenny asks…

I need a car loan after BK7?

Hello Everyone, This will be my first post here. I would love all your comments and replys. So on June 14 2012 I filed personal bankruptcy in the Eastern District of New York. Everything was overwheling and my business at the time was faling he is the information in the bankruptcy:

Mortgages: First Mortgage : 1,765,231.12
Second Mortgage:245,987.23
Home Equity Loan: 61,563.74

Credit Cards/Personal Loans
Amex 23,658.14
Amex 9,568.65
Bank of America 17,896.19
Bloomingdales/DSNB 11,263.85 Wife
Bloomingdales/DSNB 14,596.45 Me
Capital One 10,563.04
Capital One 5,496.87
Chase 31,569.12
Chase 12,368.67
Chase 24,165.32
Citi Cards 16,584.96
THD/CBNA 27,895.23
Discover 3,596.42
GECRB/ Lord & Taylor 6,598.73
GECRB/ P.C. Richards & Son 9,785.61
GECRB/Lowes 12,695.74
HSBC/ Saks Fifth Avenue 18,456.28
HSBC/ Neiman Marcus 13,596.24
TD Bank – Touraneu Watch 9,854.19
Tiffany & Co 35,698.74
Nordstrom FSB 7,459.86
Wells Fargo – Breast Implants 11,859.63

Car Loans/ Leases
2011 Mercedes-Benz E550 4MATIC Sedan – Leased : Surrended
2011 Cadillac Escalade SUV Luxury AWD – Financed : Surrended Balance: $51,263.91
2012 Mercedes Benz C250 Coupe – Leased: Retained (Daughters Car)

Self – Employed : Check Cashing: Annual Income 2011 $483,560.00

I had to surrender personal assets such as wedding bands, rolex watch, furniture, piano, sub zero refrigator, wolf range, hunting rifles, cash, tiffany diamond, womens wearing apperal and much more.

My Credit Scores now TU: 477 EX: 515 EQ 493
Credit Cards: Capital One Visa : $2,000 , Credit One Visa $1,500

What kind of car loan can i obtain

admin answers:

Auto finance is what I do for a living and since you reaffirmed on your Daughters car (real dumb by the way) you can get approved for another ca loan.

My suggestion would be to find a large dealer that advertises Special Finance and talk to them. They will be able to tell you what will be required for you to be approved for a vehicle loan.

Please understand since you did reaffirm on your Daughters car your looking at the possibility of being turned down since Special Finance lenders require a butt for every seat as they say. So if it’s you and your spouse you will only be able to buy 1 vehicle since you already have one.

Good luck.

George asks…

Collection Agency Woes, they won’t accept a payment in full!?

I applied for a mortgage loan and discovered I have a judgement against me that I had no prior knowledge of. Apparently an old apartment I moved out of after I lost my job due to extended time off for cancer treatment got a judgement against me after I moved out. I have a letter from them stating I owed nothing after the walk through and so on. I called the property owners and they explained the additional charges resulting in the judgement. Why I was never notified I don’t know but I stated I would like to pay them in FULL to resolve this. They stated I needed to speak to the collection agency who now has the account.
I called the collection agency and explained I wanted to pay them in full to resolve this matter however I asked they please send me via email, fax or mail a letter confirming the balance. I stated after I receive this I will pay them. The collection agency said they will NOT send me a letter with the balance unless I first allow them to take the money from my bank account via an electronic check. I told them I will not be able to agree to this but I’m happy to pay them in full once I get the amount due in writing. This turned into them stating they will not jump through hoops for me unless I jump through hoops for them. I didn’t realize it was so difficult to send a letter. The call ended with the “legal” guy saying he will just take the money from me and hanging up.
Long story short our lender states we should not pay them unless we get a letter first. Since they will not give us a letter he states we should hold the money in escrow and it will be paid at closing. So that is one option. The other is the man at the property company was informed of the collection agency’s refusal to do this after I called and tried again to clear this matter up with him. The property company man states he will send us a letter confirming this has been paid after we pay the collection agency so I can give this to our mortgage man to confirm the judgement has been satisfied.
Do we go with what our mortgage man said or the property company?

admin answers:

This is one of the many reasons I hate collection agencies. Most of them are staffed with real……uh, hard to deal with people (I’m being kind). I had a medical bill turned over for collection and was told i would get nothing in writing, no monthly statements, no nothing. I paid it off over a period of about 9 months. I asked when I made the final payment, could I get something in writing stating it had been paid in full. Nope, they wouldn’t do that either.

If they won’t give you squat while you owe them the money, you can bet your last dollar you won’t get a thing out of them when you’ve paid them off.

I’m inclined to go with what the mortgage guy said.

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Your Questions About Check My Mortgage Application

Joseph asks…

Will applying for another credit card improve my credit rating?

I have been checking my credit score on experian recently as I am moving house in the next year so will be applying for a new mortgage. One negative factor in my report is that my highest credit limit is low. This is because I applied for this credit card when I was a student several years ago.

If I were to apply for another card and get a higher credit limit would this improve my score or lower it as it would leave a credit application trail on my report?
I just phoned up and increased my current balance. PS I pay off my balance each month.

admin answers:

Request that the limit on that current credit card be raised.
And please make sure you pay that credit card in full each month.
Many advisors tell you never to open new credit before buying a home.
Do not carry credit card balances – this can seriously hurt you.
^ It almost sounds like you are.

Sandy asks…

Out of HS First Time renter/buyer questions?

I live in Sacramento, and I graduated HS in June. I’ve worked a professional job since June. I bring home around $2100 post taxes, not counting the occasional overtime that comes with my job (I’m in IT). I have about $3000 in my savings and checking… I would have more, but I’ve been helping my parents with their bills. Long story short, I got into an argument with my parents, my dad especially, and he told me that I wasn’t pulling my weight. This is the second major argument we’ve had in a month, and the first one he told me to get out of the house. I came back about 6 hours later with a lease application and called his bluff.

In any case, if my math is correct, I can afford between $800 to $1050 a month for a mortgage / lease.

Should I try to get a foreclosed home cheap, or should I just rent?

How large of a loan could I get and at what interest? I have done nothing to harm my credit… but then again, I haven’t done much since I graduated.

Thanks.
I called his.

admin answers:

I would rent an apartment because you have to take in account moving expenses and you will need to furnish the apt. Keep saving and buy yourself a nice starter home in a couple of years. Also with your parents they are probably in a hard spot and could use some money and they think that you should help them out even more than you have. It is your choice but just think of how much they spent on you those first 18 years. Lol.

Laura asks…

What is the qualification for being considered homeless in VA?

Here’s my situation. I am a nineteen-year-old college student who is trying to get federal financial aid (a Stafford loan, technically) for my last year in college, which has already just begun.

I need to file a FAFSA (Free Application for Federal Student Aid). I recently left my parents’ home because they are abusive and overly controlling and manipulative in the lives of their children. Unfortunately, the FAFSA requires parents’ tax and personal information (including SSN’s usually) unless the student can show they are independent by checking of an option from a list. I do not qualify for the age option – I am only nineteen and would need to be twenty-three, which I think is rather silly since technically the age of eighteen is that of a legal adult.

However…on to the homelessness idea. Being homeless or being at risk for homelessness is one of the options listed that can enable me to fill out the FAFSA without my parents’ information. Since moving out of my parents’ house, I have been living with my fiance and his family. However, they are almost constantly on the brink of losing their house because of mortgage payments, so really I could lose that home as well without too much warning at all.

To add to this, though I’m not sure if it counts…at the current time and during the school year I live in a dorm, though I highly doubt that counts as having a “home.”

Can anyone advise me on what the actual laws of Virginia state concerning being homeless? What does it take to be considered homeless or at risk for being homeless? Explanations or links with pertinent info would be appreciated.

admin answers:

Virginia has aid programs for assisting the homeless. I’m providing you a link so you can pick the department to contact for your specific area… Contact them.. The numbers and addresses are in this link.

Http://www.dhcd.virginia.gov/HomelessnesstoHomeownership/PDFs/HIP_Service_Areas.pdf

Susan asks…

Where can I get a student loan?

Look. I’m 8th of 500 in my graduating class, I have a 5.2 GPA (Because AP classes bump up GPA a lot) and I am incredibly intelligent. Fact is, my parents have a $1,350 monthly mortgage and two new cars on the driveway, and a history of being late on payments.

Both my parents were ineligible cosigners for a Wells Fargo Collegiate loan. This is due to bad a bad credit score. This came as a HUGE reality check to me, because now I CAN’T go to A&M University, which I dearly wanted to attend.

Where else can I get a student loan?

Can I apply for an Unsubsidized Stafford Loan, even with parents with bad credit scores? Also, would this Unsubsidized Stafford Loan be gotten from a bank, like Wells Fargo? Because I noticed they also had Stafford Loan applications on their site. And can the Unsubsidized Stafford Loan be gotten directly from the school, because I’ve noticed a trend that any school I applied to has given me the option to apply for this Unsubsidized Stafford Loan and some kind of “Supplemental Plus” loan.

I’ve completed my FAFSA, I received NO money from it, because my parents’ yearly income is right at 100k, yet somehow their money disappears. I’m applying for Scholarships, and have applied to probably 30 so far, and I’m not exactly hopeful of those bleak results, as I would think many people are applying to the same ones.

Any help is appreciated, thanks!

admin answers:

Most financial institutions offer students loans, like credit unions and banks. If you would have qualified for federal loans, the loans would be through different lenders. I got one through Bank of America and another through Direct loans. You should look to see what your bank has to offer. Never get a credit card loan for school, those low rates are only temporary.

Lizzie asks…

How long should I wait in-between denied credit card applications to apply for a new one?

I am a 22 year old with no credit history what so ever. Yes, i have checked this with the creditors. I have never had any open lines of credit and no bills in my name.

With that said, I am planning to buy a house within the next couple of years and I am trying to build credit so I will not have any problems getting a mortgage. Since August 2009, I have applied to 2 credit cards. Both were denied for the same reason(s) as follows: “current account has not been used enough”, “credit limits are too low”, “available credit on account is too low” and “insufficient amount of credit is reported on credit bureau report”.

I have been told that the only way to begin to build my credit is by applying for department store credit cards or store only credit card without the Visa/MC connection. A department store credit card will do me no good as I refuse to shop at the GAP 5 days a week. So, i have decided that my next best option is a WALMART store only credit card and/or a gas station only credit card as these two i know i will use on a weekly basis.

However, what is the average amount of time i should be waiting in between each of these credit applications? My second (last) denial letter I received on October 29th 2009. Some people have told me I can apply for store only credit right away, some have said 45 days, 60 days 90 days and even 6 months!

Please help! I need to build credittttt!!!!

admin answers:

You should not go around applying for credit in too short a period of time, not matter if it is 30 or 60 or 90 days, no matter what, those credit applications affect ones credit scores.

Your best bet is to forget a card for now, you would do better to open a secured credit card with a credit union. You simply deposit funds into an account that they hold to cover your credit purchases. If you deposit $500 then your credit line would be $500. Use the card and pay it every month and pay more then the minimum. After about a year, you will have enough of a history to help you obtain credit cards.

When it comes to getting a mortgage, they (the lenders) want to see a history of how you make payments and how you handle your credit. They look at more then just your income. They also want to see the types of credit you have (revolving accounts, loans, and auto financing.

You could start to build your credit if you were to shop around for an auto (nothing too expensive, even a used one real cheap will help you build a credit history). Shopping for things such as auto loans, loans, student loans and mortgages done so within a short period of time will not affect your score, FICO recognizes you are “rate shopping”. FICO states within 15 days for older scoring methods. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

You can go to the source area I have referenced to learn more on how to build ones credit, this is free info from FICO.

Hope this helps answer your question.

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Your Questions About Check My Mortgage Statement

Jenny asks…

Getting RE-approved for a loan because of change of property?

In December, I was approved for a loan for a mortgage for a specific lot. I am having a new house built and when we were approved, it was conditional to the sale of our house. Between December to Feb (which is when we sold our home), someone sold their homes before and took the lot we wanted. We ended up taking the lot across the street for the same cost.

Now my bank has told me that they have to request a re-approval of my loan….is that bad news or is it just to make the change of address and check out the lot?? My mortgage borker has not asked us to submit any pay stubs and bank statements, he told met aht he just sent in for a re-approval.

Should I be worried that the bank will turn around and tell us that they won’t approve us this time?
The house is almost finished to be built. We are suppose to get the keys to the home next week…. there shouldn’t be any problem at this point right? I mean, the bank has given the builder the green light to build the house for us and they are in the wrapping us stage.

admin answers:

I would imagine since so much time has passed since you were last approved, and because you were approved for a different lot, they want to make sure your credit and earnings have not changed dramatically.

I wouldn’t be concerned unless your credit has gotten worse , your job or income has changed or this lot isn’t worth what you need to borrow to get it.

Carol asks…

My dad wont return my money :/?

I got a part time job when i was 16 (working full time during holidays) to save money for uni. I saved about 2000 pounds working my ass up 2 summers. Then my dad said that he had to renew mortgage and needed some money for that, he said his pay comes at the end of months so asked me to borrow him some money and he will pay back. But he never paid back; at that time i was still working so i though he will pay back soon then when i started uni I had to stay home as they suggested it would be cheaper. When i got my loans he started to say he had money problems again and said “I need some money for blah blah blah and i might have to borrow it from the bank and have to pay interest while your money is sitting there in your account blah blah blah” He emotionally blackmailed me and i borrowed him most my loan but now he still keeps asking for more money (i worked during last summer 2 jobs to save money for me). but i cant say no (if i do i look like the bad one in the house). And i cant believe like he gives away so many money to charities and stuff useless to my eyes “its a matter of reputation” he says but I am getting really fustrated. He owes me about a total of 4000+ pounds and i know it sounds really greedy but i need that money too i worked for me. Today i needed to book for my residential trip for duke of Edinburgh and needed to buy new software and asked for £200 back he said “i dont have any money now do you really need it? My pay doesnot come till the end” he even suggested i get a job as i spend too much time sleeping and on the computer -_-” . and the most embarrasing thing is i didnot have enough money to buy my best friend a gift for her birthday, he said what do you do to your loan you dont really go out much either. I really hate him but the family supports him -_- saying how can you ask for your money form your own dad, the family its our money. and yes i cant lie about not having any money as he checks all my letters and statements. Should i just move out i mean it would be the same amount of cost with more freedom me thinks. Please help!

admin answers:

YES you need to move out. Your Father is stealing from you, his Son, and your family is looking out for him. I cannot believe this. Your own Father does not care if you graduate university or not, he just wants to take all of your money and how dare you ask for it back? This is ludicrous and I am appalled.

Move out. You are already dependable and responsible, leave your parents to find their own way in life. How dare they? Who the h*ll do the think they are?

I recommend finding a flat (and one with a roommate would be even better because you can split the expenses.) I further recommend that you take your Father to civil court and sue him for reimbursement of that which the dead beat stole. Your Father is a real piece of work and so is anyone who supports him.

When you do move out, don’t give them any notice or even tell them what you are doing. Just do it. Find your own place, get it set up, have a friend go with you to your house to gather your things. When one of them has the nerve to ask you what you are doing, I would tell them that you realized that living on your own is cheaper than supporting their lazy a$$e$ and that they are grown ups now, its time for them to start acting like it. Then I would have them served with a court order stating that they are being sued civilly in a court of law.

UGHHHHHHHHHHH

Charles asks…

Applying for home loan, can lenders look further back beyond the current bank statements that we provide them?

I recently received a large cash deposit into my checking account for a down payment but do not want to have to deal with writing a gift letter or having to justify where these funds came from. I am planning on leaving the funds in the account and letting them sit there for at least 2 months until they are considered “seasoned’. After that, I will submit bank statements, but my question is whether I am really in the clear or not if they (the lenders) are only asking for the two most recent bank statements. Will they have the authority to check my account further back than what I provide them? I am afraid they might see the cash deposit if they look even a month past the two statements I provide!

Another side question is whether or not we should let our real estate agent or mortgage broker know this information since it is why we are delaying further action for the time being! Is this appropriate information for them to know? Will we get in trouble with them if they do know?

Any insight would be helpful! Thanks!
FYI, the funds are not borrowed. They are from my parents, but they do not want to admit to having that much money as they mostly deal with cash and don’t keep much of it in the bank.
FYI, the funds are not borrowed. They are from my parents, but they do not want to admit to having that much money as they mostly deal with cash and don’t keep much of it in the bank.

admin answers:

Don’t lie on a loan application.
It’s illegal and just a waste of everyone’s time.
If you can’t be truthful about where the money is from, maybe you should wait to buy the home.

Susan asks…

If I get a credit card and back all my purchases with cash would that give me good credit?

What exactly do I need for good credit? I’m looking to get a mortgage in 2 years but first I need to establish good credit, (I have none now). I want to get a credit card and if I make purchases with it, I’ll pay off all the debt on my first statement rather than paying little by little, so I can avoid APRs. But would I establish good credit doing that?
Let’s say I buy a brand new plasma TV for $1,000 which i have the cash to back up but I use my credit card instead. And once my statement comes in the mail I send the credit agency a check for $1,000. If I did this with all my purchases would I establish a 700+ FICO score in 2 years?

admin answers:

Yes, paying off all the debt on your first statement rather than paying little by little, so you can avoid APRs, would establish good credit.

Most credit cards are currently available to someone who does not already have credit. Also, applying for any credit card will make you credit score lower when you do get one.

For your first credit card, deposit money at a bank that offers secured credit cards to depositors who have no credit. Do not apply for any credit card that is not secured until after you have established credit.

If you need to have good credit in only two years, stop applying for all credit cards in less than one year. Wait more than one year after the last time that you apply for any credit card before you apply for the mortgage. Every application lowers your credit score for a year.

William asks…

Will Chase Foreclose?

Okay so one of my friends has a mortgage with Chase and she is currently trying to modify the loan. She was already in foreclosure before the modification started. She filed the modification papers but told them she has a job that she does not have. She has a friend that owns a business faxing the bank pay checks to make it look like she is working but she isn’t. She also has a roommate that pays a certain amount each week. She has not found a job so all she is receiving is the money from the roommate and that is all she is putting in the bank. My question is will Chase rely more on her fake pay stubs or what her bank statement shows which is that she is not putting her pay check in the bank. If you need more info let me know. Thanks!
**She was 6 months behind on her mortgage when she filed for the modification. The bank has advised her not to make any more payments until the modification process is complete.

admin answers:

Wow, she is sending her friend to prison. Both are committing felonies. The odds of her getting away with this are very slim. Her, and the stupid friend, will be housed in federal prison for awhile, she will not have to worry about the house anymore.

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