Your Questions About Check My Mortgage

Sandra asks…

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

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

admin answers:

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

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

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

David asks…

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

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

admin answers:

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

Nancy asks…

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

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

admin answers:

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

Mandy asks…

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

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

admin answers:

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

Joseph asks…

Are certified check funds available anywhere, immediately?

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

Thanks

admin answers:

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

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Your Questions About Check My Mortgage

Nancy asks…

Is a credit check for renting the same as other credit checks for things like phones, mortgages, ect.?

I have passed a credit check for renting even though my credit history is poor. Whilst being checked they told me to tell them about all problems I have had with credit in the past. I did this but nothing showed up anyway. Are credit checks for other things different? Will my credit history show on other reports?

admin answers:

There are multiple ways to run your credit, or proof of financial responsibility. If you apply for a loan or credit card, that is considered a “hard inquiry” on your credit and does affect your credit score negatively if you have too many of those on your credit history. Other companies like cell phones, DirectTV, car/home insurance companies, renting, etc use a different method of obtaining your credit information which is considered a “soft inquiry” and does NOT hurt your credit score. This soft inquiry basically just verifys if you pay your bills on time or not, and does not provide the vendor with all of your credit information.

Laura asks…

Does anyone remember WAMUs old auto mortgage company?

I used to have auto pay set up with WAMU and they would take 1/2 my mortgage every check,.. I loved it because I made an extra payment a year. This continued thru CHASE. I refinanced with chase and had to put it on hold. The company told me to just call back to resume auto pay but now I lost theIr info (BTW CHASE offers auto pay but not the 1/2 per check type)

admin answers:

Yeah,I had that too for a while. The trouble is, I had to pay to get this started. Turns out, most mortgage companies will do this for free.

So what you can do now is to add money to your current payment each month. This goes to your PRINCIPAL only. Does the same thing. There’s an estimator on the site. You have to look closely and call them if you have to. You can do all of this online if you want.

George asks…

Can a couple get a mortgage, with only 1 credit check?

My fiance and I are thinking about buying a house together. He has a house currently but we need something bigger and in a better location. The problem is, while his credit is perfect mine is not.
We want to apply for a mortgage together but with only his credit being checked. I know this is probably not possible, but we need the bank to take both of our incomes into consideration, just not my credit. Is there anyway we can get a mortgage with both incomes considered, with only his credit checked?
I know my name can be on the deed without a credit check after the mortgage goes through, but we wanted the mortgage in both names so we are both legally financially responsible. And if both incomes were taken into consideration we would be able to get a higher amount..Im wondering how my bad credit will affect the outcome..

admin answers:

WARNING if you buy a house with someone you are not married to then see an Atty first and find out how you protect BOTH your interest if you break up. Don’t think that will ever happen to you, think again and then read some of the horror tales around here of people that did just that and find they have either given the whole thing to a partner or the other person owns 1/2 of a house they never put a penny into because they did not know what the hell they were doing.

No both credit would be checked under your scenerio and anyone that would do that for you is committing a FEDERAL CRIME! Those are the dumbas$ things that got us where we are.

Added after your addition, just how bad is your credit, what is your score and can you clean up your reports before applying?

IF you have unpaid and collections it would destroy your chance at a mortgage.

William asks…

Will they check my credit file if I self certify on a mortgage?

admin answers:

Whenever you apply for any type of loan – whether it be a regular consumer loan or a mortgage they will ALWAYS check your credit.

If you are just asking the lender for a Rate Quote, they can do a “Soft Credit Pull” – that means that their inquiry would not appear on the 3 large credit bureau indexes, BUT SOME lenders DO a “hard Pull” which means that – – that inquiry WILL appear on at least one of the large credit bureaus indexes.

Did you know that you can still buy a house with no income? I did – but they checked my credit. Hope this helps. ☺

Joseph asks…

When refinancing mortgage will it reveal credit details to spouse?

My spouse and I are going to be refinancing our mortgage and added me on. I did check my credit and found that I have a good fico score. However, my spouse doesn’t know about a couple credit cards that I have. Will these details be revealed when we go through the refinancing process to him, or is it more important that I just have a good credit fico score enough that any other details won’t be revealed?

admin answers:

If you are looking for the best mortgage refinancing site, try this site

http://best-mortgage-refinancing.com/

Here you can find the lowest interest rate in your area

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Your Questions About Check My Mortgage Loan

Betty asks…

Please need help with mortgage loan stuff?

Me and my husband got pre-approved so we are now looking at houses. We went through WellsFargo about teo months ago and the lender approved us for an ARM. My realtor has her own lender and we are thinking about going with her lender instead so she can get us pre-approved for a fixed rate loan. What I am worried about it that I heard it can hurt your credit score if you have it checked/ran to many times it can hurt your score, is this true? I dont know what to do, in this situation should I just go with my realtors lender or try to work with the lender through wellsfargo and avoid having my credit ran again and having it possibly hurt our credit scores.

admin answers:

First of all credit checks have different levels-most do not hurt your credit at all. The only ones that do, sometimes considered “hard” inquiries (like for loans) can-but only by a few points at most AND only if there are a lot of them in a short period of time. Just a few in a month is not a problem so if you’re shopping around for a mortgage just do it smart. Ask for rates, terms and charges upfront using an apples-to-apples number, something simple like $100,000 and the kind of loan/term you plan to get so you can easily compare between the lenders. Don’t allow them to run any credit checks on you until after you’ve narrowed your choices down to just a few…or the one that you like. Really the only way you’ll get hurt is allowing a handful of lenders to all run a credit check on you within the same few weeks of your search. Anything you might lose for this goes right back on in a few months anyway so it’s not like it’s gone forever. It just looks suspicious when you have lots of lenders digging into your info all at the same time-that’s kind of the theory.

I would advise against going with a realtor’s “own lender.” Hopefully all you mean by this is it’s someone they suggest. I’ve got one of the best realtors in the world but just because she suggests vendors doesn’t mean it’s the right match for me so don’t let that sway you. Take it with a grain of salt, feel free to check them out but don’t think that lender is any better than the next until you see the numbers.

There’s a big difference between an ARM and a fixed loan. I think you better research different loan types first to see what’s the best match for you or at least talk to a banker you trust about this first. Also, 10 months is considered ancient with preapprovals. Usually they aren’t any good past a month or two. I know these are a lot of different suggestions but it sounds like you still are new to this and a mistake so early in your search for such a big thing could cost you thousands of dollars. That’s an expensive mistake no one needs to make. Good luck.

Lisa asks…

can i get approved for a mortgage loan at 19?

I was trying to find out of you guys think i have a realistic chance of getting approved for a loan. I want to get a loan for about 40-50k for a condo and i currently have 10k saved. I have had a credit card for two years and my credit score was over 700 last time i checked (although i don’t have a long credit history because i only have one card). I go to school full time and i work to jobs. I gross about 12-14k a year.

admin answers:

Not very likely. They don’t like to lend to people that young and your income isn’t high enough. If you can get someone like a parent to cosign, then you can get the loan. You need to have more of a credit history after you turned 18. (They will assume anything before then is your parent’s doing.)

I have to wonder where you can buy a condo for that price.

Try when you are 21. And maybe get a second credit card in the meantime. Make sure it’s a general card (mastercard or visa type) rather than just a gas or store card.

Ruth asks…

Is it possible to get a home equity loan or 2nd mortgage……?

Is it possible to get a home equity loan or 2nd mortgage with a poor credit score. The one thing we have going for us is that our house is completely paid off. We have no credit cards and our vehicles are also paid off. The only debt we have are some medical bills that we are making payments on which is around $2500. My wife and I are both employed and make decent income of around $6000 monthly. We just have some things coming up to where we would like a loan for around $15,000. I think our credit score is around 590 🙁 . (We ran in to some difficulty when I lost my job and had a baby born with a disability and medical bills piled up). But with that much equity and such a low score would there be a loan company that would work with us? Would our local bank be able to help or should I check around on the net that specialize in bad credit loans? Any recommendations?
Thanks!
Thank you all so much for such great answers and some great explanations! Our original loan for our house was over 10 years ago so I don’t remember much about how all of that loan stuff works. We have never checked in to a equity loan so I know nothing about them except for some research on the net. I think I’ll start with my local bank and go from there. Thank you all!

Danity……I have no idea what you meant by your answer!
One more quick note. I was not working for quite some time due to a back injury that ended in surgery. I have now been back to work for a little over a year now though. My wife has been a teacher for 12 years. So, we had a 2 year span to where our credit went down the drain but the last year have been on time with what little debts we do have. I was also thinking it would be difficult to raise our credit score without having any credit out there. Maybe starting with a credit card and just using it for small purchases and paying off the balance each month would be one way. I was also thinking with the equity loan would really help rebuild our credit with timely payments. My son needs some extensive dental work and that is why we are wanting a equity loan to pay for that and other services he needs due to his disability.

admin answers:

Yes, it is POSSIBLE – but it may not be EASY.

What banks are looking for in current economic times are borrowers with a strong credit history who can demonstrate that they are in a strong position to pay their loans.

The value of your collateral, while very important, is still only one piece of the puzzle. Lending (especially on a large scale) is largely a game of calculated risk. Even though you have a valuable home, you will not get a mortgage if the risk of default is too great.

Remember to put yourself in the shoes of the bank – you’re asking to borrow a significant amount of money and your recent life events may suggest you would have difficulty making your payments on time. Even though your property is valuable, if the unthinkable were to happen (a foreclosure), it will still take several thousand dollars for the bank to repossess the home. Not to mention, the bank wouldn’t gain possession of the home for about 6 to 9 months after the litigation and the redemption period are complete. Then tack on possibly several more months to actually sell the home. In the meantime, they’re getting no income from the property and will have to pay taxes and the utility bills.

Nevertheless, I don’t think you should be counted out. If you are serious about getting a Home Equity loan or a mortgage, your plan should be to convince the bank that this is a temporary bump in the road. You need to SHOW them HARD EVIDENCE that your finances are improving or will improve and that you’ve got a long term strategy to get this situation turned around.

Even loan officers are persons who understand that unfortunate things can happen, but you can’t walk away from an appointment and leave them with the impression that you’re going to continue “business as usual” with the status quo.

Good luck! I hope you find something suitable. 🙂

Susan asks…

does checking credit score cost you points?

I am getting pre-approval for a mortgage loan and each lender wants to check my credit score. Someone told me that it costs you points to run a credit check. How many points does it cost?

admin answers:

It does cost you “points” but creditors are more understandable when it is a series of credit checks for the same approval around the same time..instead of different hits at different times

Daniel asks…

Would I be able to get a mortgage loan on my income?

I’m thinking of purchasing my first home but I’m not sure if I would be able to get a loan on my income. I earn about $20,000 annual plus I get about $5,000 in child support per year.
I currently rent $750 per month.
I haven’t checked all 3 credit scores but my FICO with Equifax is 664.
any answers are appreciated.. thanks
my debt is under $3,000.. I haven’t gotten prequalified so I have no idea what loan amount I could possibly get but I would consider something under $100K.
oh and I’m at my current job for 1 1/2 years and previous for 3 years w/no interruptions in employment history.

admin answers:

A score of 664 is not great, but it isn’t terrible either. Since you are already paying $750 a month in rent, I’d say you are being reasonable in looking for a home priced under $100,000. Your income might be looked at negatively though (in spite of the fact that you are handling $750 a month just fine). Based on your income, you may have to settle for a loan of about $60,000 to $70,000. That isn’t a BAD thing though. If you spend time shopping around and not get into a hell fired hurry, you should be able to find a decent home in that price range (especially in this market). Obviously that’s going to depend on where you’re looking though. In some places, it will but you an older, sturdy, charming 3 bedroom home…..but in others, it wont even buy you the mailbox!! A mortgage loan in that range will cost you a good deal less than what you’re paying in rent, but how MUCH less depends on your credit and down payment. If you have good credit, it’s possible to get a loan for no money down but your interest rate (and monthly note) will be a bit higher. Still less than what you’re paying on rent though, I’m sure. BUT be warned—-the closing costs can eat you alive!! Sometimes you can ask the seller to assist you with them but they wont do that unless they got a good price for their house and, of course, your objective is to get the house for as cheap as possible. On a house of 60-70 thousand, your closing costs will likely be around 2 thousand….maybe a little higher. When you go to a bank to begin discussions, all you need to do is walk in and ask for a pre-QUALIFICATION….not a pre-approval. Don’t even bother with a pre-approval because it isn’t a guarantee for anything. The lender will pull your credit and let you know in a day or so if you definitely are approved for a loan or not. Then the loan will just kind of be sitting around waiting on you to find the perfect house. (You wont be making loan payments yet, of course). The lender will give you a pre-qualification letter, which is like gold to the sellers!! When you find a house you want, whip out that letter and they will immediately know you HAVE the financing and are a serious buyer. You can ask the lender to check you out for pre-qualification on a $100,000 house, AND an $80,000 house. He’ll run the figures and present you with the findings to see which loan you can best afford. When you chose, he’ll provide you with a “Good Faith Estimate”, which will be an itemization of all the closing costs involved, and how much money will go into escrow for taxes and PMI. When you find a house you like, one of the first things you need to do is to simply CALL your insurance agent (usually the one who carries your car will be the cheapest) and ask for a quote on the yearly homeowners insurance cost. You’ll need to take that cost into consideration too when figuring out what you can afford. Buying a house can be fun, but usually only after it’s all said and done with!!

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Your Questions About Check My Mortgage Application

Sandy asks…

Foreclosure but I’m current on payments. Bank of America harassment?

I don’t get it. Wanted to know what you think I should do, and if anyone else is having problems with them.

Was behind a payment last year. I was sent a notice to accelerate the mortgage when I was exactly 28 days late (So I was late making July’s payment, because my house flooded which I called and told them, and they sent me the notice to accelerate on July 28th). Caught up and paid a month in advance. Started getting collection calls (up to 11 in a single day) right after X-mas when I was paid up to February. I called them and they said they were calling me because I was late in the past, even though I wasn’t late then, and I was paid in advance. I have received approximately 60 calls so far. Then a week later I get a “transitioning out of your home guide”. I called them and said I don’t want to move, and why are they sending me this. They said they had no record of sending it. I asked them if they wanted a picture of it. Less then a week later I get ANOTHER “transitioning out of your home guide” and options on short sales, deed in lieu, etc. Yesterday I got a letter stating that they wouldn’t approve my APPLICATION to participate in a short sale or deed in lieu of foreclosure. I NEVER applied for either of those. I am paid until February 1st. It is January 25th. Am I missing something here?? Why the h*ll do they keep sending me this crap? Then same letter also said that they are continuing to proceed with the foreclosure that was stopped 3 yrs ago when the loan was modified (had a job loss. Got another job, but it only earns 43% of previous employer with no benefits.) How can they foreclose on a house when I am current on the note?? They also won’t release any of the insurance check for the damages, until I’ve been on time for 6 months (And they call a payment made on the 2nd of the month late. I realize it is due on the first, but even the late payment fee kicks in on day 16). So unless it is paid before the the 1st for 6 months, they won’t release the funds. So here I am making repairs without any money from the insurance check. I am 80% done with repairs, and they won’t release a dime until it is at 100%. They won’t even pay a contractor directly.

Does it sound to you like they are trying to force me out of the house?? Every time I call them, they assure me that the payments have been applied, and no payment is due. Don’t know what to do about all this foreclosure paperwork I’ve been getting. I really don’t have the money for a lawyer, especially since I’ve been making repairs without the insurance money. It makes me think they are up to no good. The pamphlets that the man received in the clip below are the exact ones I’ve been getting. His house was being foreclosed on for 80 cents.

http://video.foxbusiness.com/v/1367526745001/bank-of-america-forecloses-on-home-over-80-cents/?playlist_id=87185&intcmp=obnetwork

admin answers:

When you get a harassing phone call…get the name and address of the offenders.

They are not allowed to handle any case that is in dispute. Keep all your phone records… Make sure you have copies of ever single call.. Keep a complete log.

If BofA continues… File a suit against them in small claims $5,000. For harassment and defamation of character.

You can file for about $25..and no lawyer.
Each day they do this to you…you can file for another $5,000.
It will end up costing them so much in legal fees to be in court with you all the time..they will quit this. Plus..you are very likely to win!!

Steven asks…

How do I get a credit card now a days?

I’m in my early 20’s and I’ve had a credit card since I was 17. And I’ve always kept my accounts in good standing except for two minor hiccups. (One for a $30 balance I forgot about and the second with Amex).

After a mishap with AMEX they closed my account, which is really sad because I used that card for everything and paid my balance in full every month for 2 years. Except for a couple months last summer when I couldnt pay it in full but still made significant payments towards it.

Now I’ve been stuck with 1 Capital One card I’ve had since I was 18. It only has a $750 limit on it (and has had that limit for YEARS!). I dont use it that often. And I’ve been in good standing with them.

I applied for a Chase card a couple months back and they declined my application. I thought they would give me a card because I have my car loan and home mortgage through them, which I’ve never missed a payment on.

I applied for another Amex and got declined just this week.

I called Capital One to see if they’d increase my limit, and got declined. They said it wasnt because of me, it was because they arent really giving out credit increases right now and to check back in a month.

I dont understand! I have good credit, whats it take to get a credit card now a days! I’m not asking for the world, a $2000 limit would be nice.

admin answers:

I feel your pain. I’m 19 now and have had my chase credit card for a year now. They put a 300 dollar limit on the card. They assume that since I am young that I am not worthy of a resanable limit. I live by myself and trying to mantain house, car…expenses. I normally can only squeeze one payment on the card a month. That is ridiculus. Other than that I am using my debit card. So i’m trying to increase my credit, and they won’t even give me a chance. I don’t feel very safe that most of my payments come from my debit card. I applied for a limit increase and I have never missed a payment and they said that I am not ledgible for an increase. Is it me or is this total BS and age discrimination.

I blame the goverment for putting those restrictions on the banks and the dumb people that never payed back their credit. Amazing the main crisis took place before I was even a legal adult and now I have to accept the consequences.

Daniel asks…

Reference checks. I don’t know how else I can move?

I’ve been living with my dad for a while now and recently my dad’s got married so I wanted to give them the space as they seem unhappy about her son who’s my age just pottering around, I’m 21 and recently got a permanent contract for full time work instead of my 18hrs I had before, so I’ll be able to afford moving out, I’ve spent the last couple of weeks packing my stuff away and my boyfriend has agreed to let me stay at his till I can find a place as he knows I feel a bit uneasy at my dad’s now. I can’t buy as I don’t have enough money saved to try consider going for a mortgage but I have enough saved for a couple of months rent/bond etc. But the more I look into renting, it feels just like applying for credit cards etc. I have no financial history what so ever, I’ve paid my dad board every month since I started working at 18 and contributed to utility bills but nothing is in my name, my phone but that’s pay as you go. I have never lived on my own so no house or tenancy has been in my name. How am I going to manage and get through credit checks and references? I’ve no landlord reference to give. I don’t like imposing on my friends, family although I know that nobody has pushed me out into moving and my boyfriend isn’t fussed how long I stay but it’s too cramped here for both of us, I just would like a place that I have as mine but it feels like a nightmare as I’ve nothing to prove that I can be a good tenant and pay my bills on time.

Is there anything I can do? I’ve never tried for credit i.e credit cards, contract phones as I didn’t work enough hours to know I could pay it off every month and didn’t want to get into debt. Now I do have that money spare I feel like I’m at a loss as people with no credit history seem to get nothing.

Also I can’t move with the local council, my dad works for them so they pretty much have to cancel my application soon as I hand it in unless I’m willing to wait like 6years as the council round here are shocking.

admin answers:

Credit checks for renting is not like aplying for a credit card – if you have never had credit then this will not go against you, so don’t panic. All they need from you is proof that you’re not a bad tenant who is going to run off with lots of rent arrears, so while a credit check helps this, it is by no means the only thing they use.

They will ask to see your payslips (or contract of employment if you’ve only been there short time) to prove that you earn enough to cover the rent, and then without a previous landlord you can give them your employer as a character reference, then they may ask for proof of a previous address, so just use a bank statement, or a letter from the council confirming your name is on the electoral role – so it doesn’t have to be a utilty bill, just anything official. You can also give them your previous employer or education details, so they can see you are an honest person who has been working for years. Just be honest with them and say you’ve never rented before and they’ll tell you what they need. Also drop into the conversation that your dad works for the council – it won’t make a difference officially, but it does show you are a decent, normal person and not one likely to break the law or set up a drug den in the house or something!

The only other thing they may ask for as you’ve never rented before, is a guarantor, so as long as your dad is in full-time employment and owns a house you can just use him. It sounds scary to say that the guarantor is liable for the rent, but in reality they would never chase him for it unless you had not paid rent for months, left the country and they couldn’t track you down.

Paul asks…

Will my refinance be canceled?

In April my husband and I applied to refinance our home loan. We locked in our rate and sent in our application right away. Then we had to hound the mortgage company with multiple emails and at least 4 phone calls (all unanswered until I demanded to talk to someone). They finally sent the documents for an at home closing (have all the paperwork signed and notarized my us) the day before our closing. This was really annoying since we only had a day and a half to review, sign, and notarize these document. Then we brought the paperwork to the notary and signed it all in front of her. When we reviewed the paperwork we noticed that she missed two stamps and a signature (this is our fault for not checking, I know!). We could not get ahold of her to stamp the paperwork and we sent it in anyway. Now I am really stressing about this. Will this void our loan application?

admin answers:

It usually just delays closing until the paperwork is complete. You should have been given 3 days to reconsider after signing anyway.

Laura asks…

Calculation Problem Visual Basic?

I have a project to do on Visual Basic doing Mortgage Calculations. To calculate the max mortgage possible that can be taken out, the customer can borrow up to three times their salary if it is a single application, and they may also borrow against any savings and investments they may have. If it is a joint app then they can borrow 3 times larger salary and 2 time the smallest, alos borrowing against any savings and investments.The applicant(s) are not allowed to borrow in excess of 90% of the purchase value of the property (including stamp duty and legal fees).

I have declared everything and done out the code, yet everytime I calculate the max amount they can borrow, it comes up as 0. My code is below if anyone can spot problems.

Private Sub Button2_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles btnMaxPossible.Click
If rbtnSingleApp.Checked Then
txtMaxPossible.Text = Val((intSalary1 * 3) + intInvestments + intSavings)
txtMaxPossible.Text = intMaxPossible
ElseIf rbtnJointApp.Checked Then
txtMaxPossible.Text = Val(intSalary1 * 3 + intSalary2 * 2) + intInvestments + intSavings

End If

txtMaxPossible.Text = (intProperty + intLegalFees + intStampDuty) * 0.9

End Sub
I’ve taken away the last line for the moment, and its still just returning 0 as the answer to the calculation…Any ideas what else could be causing this?

admin answers:

One problem I see is the need to correct the 2 lines below as shown

Private Sub Button2_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles btnMaxPossible.Click
If rbtnSingleApp.Checked Then

”’the next 2 lines,

intMaxPossible= Val((intSalary1 * 3) + intInvestments + intSavings)
txtMaxPossible.Text = intMaxPossible

ElseIf rbtnJointApp.Checked Then
txtMaxPossible.Text = Val(intSalary1 * 3 + intSalary2 * 2) + intInvestments + intSavings

I assume all your variables have been dimensioned correctly.

TexMav

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Your Questions About Check My Mortgage

Carol asks…

do you need authorization to do a credit check?

I recently found out that a Mortgage company did a credit check on me, without my knowledge or concent. Do they have to have this to be legal? My my boyfriend was thinking about buying a house and used my information, to see if i could get the mortgage, dosent the leander need my authorization?

admin answers:

Yes the mortgage company needs your authorization to run a credit check, but at the same time what did your boyfriend think was going to happen when he supplied your information to the mortgage company ? They are going to run a check,

my bet the mortgage company is going to claim that your boyfriend since he had all your info, and was doing this with your knowledge had quasi authorization to approve the check

Sharon asks…

Credit checked/PreQual Mortgage – worried still?

Hi! I was prequalified for a mortgage earlier this month. They ran my credit and info through the fannie mae/freddie mac underwriting system. I was told I would have to pay back two debts. Credit scores are mid at 640. I have outstanding old collections. I wonder if this will fall through? They told me not to worry as they already ran the credit, but it freaks me out. They said based on the info I provided to them coupled with the credit report it went through. I am making an offer on a house this weekend. I just would like to ease my mind. Any thoughts on if this can fall through still?

admin answers:

Okay… Im thinking what they told you. I would think you should be fine. If they said they ran it through the system. These are the systems.

Fannie Mae = DU
Freddie Mac = LP

They would have ran it through one of the two systems. They will get a return. This will be an approval through the systems. This is not a prequal. It will list all conditions that a human underwriter must approve. A human underwriter can add more, but its rare.

To ease your mind, just ask for a copy of the DU, or LP findings. That will show you are approved and all conditions. There is absolutely nothing wrong with the lender providing those to you. It will give you a case number and it wills how you are approved, pending conditions. The conditions will be listed.

If they cant give you a copy of the DU or LP, the lender is lying if they told you they ran it through the system. If that is the case, find a new lender that will give you a copy. It takes 15 minutes tops to have this ran. Most brokers dont run it because they dont know what they are doing or dont have inhouse underwriters. Call them on their word and get a copy of the DU or LP. If they say you cant have a copy. They are lying. Move on.

Just say okay im a bit worried you said you sent it though the system. Can you please send me over a copy of the DU or LP findings? I want to make sure I can clear conditions. If they say anything other then *want me to fax that to you or email it to you?* thats where you know.

Paul asks…

Is there a way to find out how much you would pay on a mortgage each month without checking your credit score?

I’m not quite ready to purchase a house. I would like to know what I would pay each month on a home that is approx. $250,000. My credit is fair-good. My state is Virginia and I live 10 blocks from the ocean and would like to stay in my area. I don’t want to run the credit check in case that lowers my credit score. Is there anyway to find out APPROX. what I would pay??
Thank you to everyone who answered.

admin answers:

Your credit score WILL effect this number in some manner, as well as whether you have a down payment, bankrucpty’s and other factors.

But a 100% financing on a loan of that amount should cost you approx $2100 (or below I highballed the interest rate some).

You can run other scenarios through mortgage caluclators on the web, Y! Finance section has a few. Http://finance.yahoo.com/loan/mortgage/calculators_index

Linda asks…

Mortgage: 1 Year Fixed 2.80% VS 5 Year Fixed 3.89%?

I was checking the mortgage rates at a financial institution, and I found they offer a 1 year fixed for 2.8%, and 5 years fixed for 3.89%

I heard from someone that I can renew my mortgage term, so if that’s the case, why would someone go for the more expensive 5 years term if they can go with a 1 year term and renew annually? or am I missing something here?

I hope someone can explain.

Thanks

admin answers:

If the 1 yr term expires, then you would need to refinance. Depending on your financial situation you may not qualify to refiance to a better rate. Then you’re left with an adjusting rate. Plus each time you refinance your mortgage, you still need to pay the fees. You maybe saving on the monthly mortgage on the lower rate, but the fees you’re paying may not add up to the savings.

That’s why so many people were messed up with the housing crash.
People went for the lower rate, but when it’s time to refinance, their debt to ratio was higher than their loan, therefore, banks would not let them refinance to a lower rate and the people are left with a very high rate and a very high monthly mortgage.

If you are thinking of keeping your house for more than 5 years, I would say to go for the 5 yr fix rate. But if you for sure know you can sell or pay off your loan within 1 yr, then you go with the 1 yr fixed rate. Also, you have to make sure the mortgage you’re paying is with interest and principle, and not just interest.

Donald asks…

can i check to see if my discharge of mortgage is recorded with my county on line?

admin answers:

IN some counties in some states.

Since we don’t know where you are, check with the county clerk’s office in yours

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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 Check My Mortgage

Maria asks…

I fell 5 months behind on my mortgage and sent them a check for the whole 5 months but they wont cash it. Why?

The representative told me that they have to “wait for thier attorney to tell them they can cash it”. Do you think they would put me into foreclosure even though I sent them a check to be caught up completely?

admin answers:

Just call their collection dept and just ask what it would take to bring your account completely current. If they do not to speak with you, then seek a bankruptcy attorney and see what options you have.

Mandy asks…

How can i get a mortgage pre-qualification WITHOUT a credit check?

are there any major banks that give pre-qualifications WITHOUT a credit check? I need to get a prequalification for a mortgage before I start looking at houses, but don’t want to hurt my credit.

thanks
Tom

admin answers:

I thought I answered this.
A credit inquiry only drops your score by 1 or 2 points.
Essentially nothing – and it’s temporary

Major lenders do not focus on that 3 digit score – they view all 3 reports.
They will look at that ding and not count it

Sharon asks…

A mortgage is in my in-laws name I pay the mortgage with personal check. What can I get back for the payment?

admin answers:

I’ve been audited for the very same reason! Your payments toward the mortgage entitle you to interest and tax writeoffs. The auditor told me that so long as I had proof that I made the payments that I was entitled to this writeoff. If your in-laws refinanced for that fiscal year, you may be able to writeoff the points on the loan as well (at a prorated amount).

If your in-laws are claiming the writeoff themselves, then you can opt for “renter’s credit” (which is state) and name the inlaws as your landlords. In this case, you’re a tenant and that’s the best you can do.

If your relationship is candid and open, I would have your in-laws present a scenario to their tax man that they’re renter’s and you’re the owner.

The user below me stated that I was blowing smoke. I went throught the experience and am stating that I went there. His claim was that I “…lucked out with an idiot for an auditor if he allowed your deduction.”

Michael asks…

How can I check if someone got a mortgage in my name?

admin answers:

Since mortgages have to signed and notarized by the court, and you have to be positively identified in person, you would know by now.

Laura asks…

Is there someone i can call about my mortgage company holding my insurance check and dispersing it to me?

alittle at a time inbetween inspections to repair my home from hurricane damage? They told me i had to indorse the ck (its made out to myself and my mortg co) and then mail it to them and they would send me a portion of it at at time….. i think its BS! Is there anything i can do to get around all the red tape to get my house repaired???

admin answers:

True. You have to endorse the check over, and as the work is completed, the mortgage company sends it out to you.

You can get around that, by having the insurance company reissue the check made payable only to the CONTRACTOR.

You can’t get the check yourself, if there’s a mortgagee on your house. That’s to protect the mortgagee, to keep you from banking the money, and not making the repairs to your house.

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Your Questions About Check My Mortgage Loan

Mary asks…

How much does it cost for a financial company to make a mortgage loan?

I just bought a house for 442,000 it was a bank owned. the bank agree to pay 10,000 of closing cost and I’ll pay the rest.My loan officer asked for a check of 8,122 made to her company to cover the rest of the closing cost. I asked why the check was under company, she said that the bank that finance the house didn’t want her salary to be included in the closing cost. She told me not to worry because I was getting money back. After scrow closed I called her because I got the scrow stament of a total of 7,456 of closing cost. I called scrow and they told me that I should not make any check to any body but scrow and if she wanted to be paid she should do it thrue scrow I went to the bank that finance the house and they told me the same. After 3 weeks she finally called me back to tell the 8,122 is for her and her company and I’m not getting any many back. Is this legal, what can I do?Why she didn’t included in the closing cost? and the bank that sold the house only pay the 7,464. Help!

admin answers:

Escrow. Was your loan officer a mortgage broker, or an associate of a lending institution? I don’t really understand what happened. Call the loan officer’s supervisor and ask for a clear explanation. Since I’m not sure what happened, I don’t know what else to tell you.

I’ve been in this business for over 10 years, and worked for the biggest bank in the country for most of that time. The escrow company tells you how much to bring to closing, and you give them a certified check, payable to them at closing.

Charles asks…

I am selling my home. At closing, am I to receive a check for all of the proceeds?

Do I receive a check for all proceeds, and then pay off my mortgage and home equity loan myself?
Or is my agent going to gather info on my current mortgage lender and home equity loan lender, and send checks directly to them after closing?
We just signed the contract for the offer and acceptance, and closing is to be done by July 31.
Also, should I notify my current lenders ahead of time?

admin answers:

The lawyer will take out the money for any and all mortgages 1st 2nd, they will take out all closing costs, fees, etc. And the money you get will be all yours free and clear.

We did a back to back closing so we did not receive our closing check. They wrote the check to the people we were buying from for their 20% down and then gave us the final proceeds. We didn’t notify anyone or do anything. I guess that is why closing fees are so high

John asks…

HOW TO GET A MORTGAGE LOAN?

Husband and I have been through some credit problems in the past but I am making about 40,000.00 a year and he is making 30,000 and we wants to get a mortgage loan now that the loan are so slow. But I need a reality check, do I need to fix my credit first or do you think I could still get a loan specially that no one is buying now. I am only looking for a 100,000.00 loan that is the avarage home where I live. Thanks!

admin answers:

One reason few are buying is that loans are hard to get. You can forget it if you have bad credit, you need to fix that.

The economy will stay bad as long as we have Obummer trying his best to ruin us. So, you have some time.

Lisa asks…

No Credit check or Verification of Income Mortgage?

I personally can care less about my credit. I just want to take out a loan on a home I own. Using the value of the home as collateral. Does any one loan based just on the value of the property?

admin answers:

No one is going to give you money with no idea if you are able and even willing to repay them.

Helen asks…

credit check on me returned weird results for my SS#?

I signed up for a brokerage (scottrade) and of course like any, they do a credit check on your identity when you sign up.

Well, mine produced weird results, it says that according to my credit check, I took out a mortgage loan in 2002. Problem is, I was only 14 years old in 2002.

Could I possibly be the victim of identity theft? Or do you think their credit check software is just acting up?

admin answers:

I would suggest that you contact a lawyer who is experienced in credit and identity theft. You need legal help to clear yourself from this fraud.

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