Your Questions About Check My Mortgage Loan

Linda asks…

How can I get a mortgage?

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

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

admin answers:

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

Steven asks…

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

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

admin answers:

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

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

David asks…

Advice from loan agent on my future refinance?

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

admin answers:

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

Robert asks…

I just checked my credit report?

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

admin answers:

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

Mandy asks…

Strange mortgage questions appearing on Equifax credit score verification?

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

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

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

admin answers:

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

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Your Questions About Check My Mortgage Loan

Lizzie asks…

Why do I have an agricultural loan?

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

admin answers:

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

Laura asks…

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

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

admin answers:

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

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

Ken asks…

What does this mean on my credit score?

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

admin answers:

These are random questions asked to everyone.

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

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

Sharon asks…

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

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

admin answers:

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

Good Luck

Mary asks…

When will my earnest check be cashed?

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

admin answers:

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

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Your Questions About Check My Mortgage

Sandra asks…

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

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

admin answers:

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

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

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

David asks…

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

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

admin answers:

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

Nancy asks…

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

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

admin answers:

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

Mandy asks…

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

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

admin answers:

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

Joseph asks…

Are certified check funds available anywhere, immediately?

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

Thanks

admin answers:

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

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Your Questions About Check My Mortgage

Charles asks…

Can a spouse refinance a mortgage alone if the other is not working?

The situation is this. My wife and I bought a home b4 we had kids. she is now a stay-at-home mom and does not have a paying job. We want to refinance to lower the payments. Does the bank require a credit check on both spouses or is it normal that they only care about the one who has a job? Any mortgage professionals out there with the real answer? Really appreciate it. Thanks.

admin answers:

If you live in a community property state your wife’s credit will be pulled and any debt that she has that is not joint will be held against your debt to income ratio. If you qualify with just your income you should be fine.

Joseph asks…

can i get a mortgage if i dont get a W2?

I work in a small clothing boutique and get paid cash, nothing comes out of my checks. Can i still get a mortgage?

admin answers:

Sorry, but no documented income is the same as no income at all. You cannot expect to avoid taxes, but at the same time use that income to obtain a loan. You can’t have it both ways.

Chris asks…

Why is my mortgage company asking me about where I lived 20 years ago?

I have never ha this happen before…
This goes beyond even the seven year bad credit check and everything else.
What is up with these guys? I would like to have the lower rate on the mortgage and save a little cash…But is it worth them and everybody else who gets ahold of my mortgage knowing where I lived an my past history on those places? I find this rather invasive to my privacy.
Are there any laws against what they are doing?

admin answers:

All of your previous addresses show up in your credit report. Addresses are not private. It sounds like there may be some sort of discrepancy or the data is missing.

James asks…

credit changes with mortgage?

I am closing on my house in 8 days, I spoke to my loan officer about buying a car and she said it would be fine after the initial approval and that it probably wouldn’t show up on my credit report for 30-45 days anyways. Everything has been approved for the house, but I just checked my credit report and there it is after 18 days. Do mortgage companies usually check credit again after the initial approval??

admin answers:

Your loan officer was wrong. Never make purchases during the buying process of a home. I have had clients go out and buy new furniture and appliances for thier new home so they would have them when they moved in and then the deal fell through because of thier debt. Most MTG companies check a day or two before closing on a persons credit. Good luck

Steven asks…

How do some married couples get a $5k-6k tax refund check each year?

My only guess is it has something to do with having kids and a mortgage. This will be our first year where my wife and I have both a mortgage and a new child. But I just don’t see getting a large refund check. We prob made around $45k this year.

admin answers:

They probably make 100k combined and both file w-4’s with single 1

if you only make $45k – there is no way you are going to get a $5k refund, no matter what you do

teh first year you have a mortgage, you won;t get a full yrs worth of interest and prop taxes and you have to itemized your deductions to get any benefit from those anyway, which means at least $10,000 in itemizable deductions

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Your Questions About Check My Mortgage Loan

George asks…

Getting a home loan with low credit score?

My aunt has owned a home for the last 10 years, just
recently she was in a very bad situation where she got
behind on her mortgage. She is now caught up and in
good standing but her credit check doesn’t show this.
How long until it shows up and how soon will her credit
score begin to increase? Also her score is very low
around 550. Is there any chance she would be able
to get a new home loan? We are trying to get her into
a smaller home. Thanks

admin answers:

See if she can find a co-signer with good credit…620 is the number needed to get home loan i think

Chris asks…

How do I bring a mortgage current?

My house is going to be auctioned from foreclosure tomorrow. My boss said he might be able to give me a loan to bring it current. How do I find out how much it’s behind and will that be the exact amount to send a check to the lender? This is in CA and I have a hard time getting info and help from the lender don’t know what to do.

admin answers:

Call the lender and ask what you owe. Then pay that amount.

Robert asks…

I have joint mortgage and my husband filed chapter 7 and included the mortgage do I still own my house?

we just checked his credit report and it states that he owes 0 dollars because the mortgage was included in the bankruptcy .When we checked my credit I owe the house mortgage as it has been. Am I the only responsible person for the loan or is did I lose my house due to his bankruptcy.

admin answers:

Are you making your mortgage payments? Since your husband was discharged you now owe the debt. If you are making the payments then you are not in default, therefore you did not loose the house. You would know because you would get be getting either sued for foreclosure if judicial and non-judicial you would get a notice of default.

Steven asks…

What is automated mortgage underwriting ? When is it done?

Is automated underwriting started when I first apply for the loan? Do you know of anyone who has been denied during underwriting. My credit already has been check, submitted all paper work and now I am in underwriting.

admin answers:

I haven’t heard of an automated underwriter before but traditionally, underwriting won’t begin until you’ve put an offer on a home and completed inspection successfully – essentially when you are under contract. You can’t be underwritten without an appraisal done by the bank on the home you plan to purchase. If you haven’t already, you’ll need to provide paystubs (they may ask for more recent ones if it’s been a while since you originally were pre-approved) and tax returns. The bank will confirm employment status and may re-check your credit to confirm nothing now shows as negative. This process can take 2-4 weeks.

Carol asks…

Can Wells Fargo tell if I cash a check?

We are in the middle of a loan modification and have received money from my husband’s annuity. Our mortgage company is Wells Fargo and the annuity check is from Wells Fargo. Will they know if we cash the check?
I know they will see when the check is cashed, but will they be able to use it against us in our modification? We didn’t plan on depositing the money into an account.
I know they will see when the check is cashed, but will they be able to use it against us in our modification? We didn’t plan on depositing the money into an account.

admin answers:

Of course they will. How would they not be able to?

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Your Questions About Check My Mortgage Loan

Thomas asks…

Loan Modification – 2nd Mortgage?

Unfortunately, like many others I am struggling to pay my mortgage after being laid off over a year ago. My first mortgage has been modified same terms, just a lower interest rate reducing the payment by about $200. Not much, I hear most people get a significant reduction, but I guess every bit helps.

I am really looking to modify my 2nd mortgage. My 1st is thru IndyMac & the 2nd I am told by IndyMac is by a PRIVATE LENDER and they will not modify my 2nd. I asked who the lender is & I was told that they couldn’t give that info out over the phone that I had to write to them and then they will mail me who the lender is. I am only looking to reduce my interest which is at almost 9 % to a lower rate, reducing my monthly payment. Unfortunately I was told that I can not refinance since my home does not have enough equity & because I was late once in 12 months. Both seem unfair & was just wondering if I am able to negotiate with the private lender? As far as I knew I thought both were IndyMac since that’s who I went through from day one & that’s who I made the checks to?

Any advice on how to modify the 2nd? I am really struggling & the 2nd mortgage being reduced to say 5% would be such a big help.

I also heard that Obama might be doing something with 2nd mortgages? Not sure if that is true or if that would even help me since I have a private lender?

Thanks!

admin answers:

I’ve received a newsletter sometime ago about “Complete Loan Modification Kit “. They give good tips what to do, you may want to check at this

http://nicereview.1loanmod.hop.clickbank.net

Robert asks…

What is the difference between a Mortgage Consultant and Broker?

I am in the midst of doing research for purchasing a first home. My financial planner recommended a Mortgage Consultant to me. How is his job different/same as a Broker?

Also, (ok so this is 2 questions) how many different Brokers or banks should I be checking with when I am ready to get a loan? The Mortgage Consultant I referenced earlier has already done 2 Pre-Approval reports for me (one 6 months ago in August and another one this week). Do I owe him anything? Have I committed myself to his services?

I want to know how many brokers I should check out, as well as a loan officer from my own bank. Thanks for your time! This is a scary but exciting time for me!

admin answers:

Just what the company calls them some call them brokers some consultants and those who lend their own funds call them bankers

Linda asks…

I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score?

I am trying to refinance my home equity loan. Each time I try to call a lender, they all want to run my credit report which I understand because that is the only way to check my FICO, debt ratio and etc. But, won’t it affect my credit score? I had 4 lenders checked my credit report already. Pls help.

admin answers:

Biggest myth of all!

You get hit one time and that is on the intial pull. You have 30 days to have your credit pull for a MORTGAGE LOAN/HOME LOAN without it effecting your credit score. My advise is stay under 10. If you had it pulled by four people call them up and ask each person one of the following: what the highest score was, what the middle score was , and what the lowest score was. Here you can determine your middle score in which lenders use. Than ask are there any derogatory accounts on my credit report and if so from where. If there is than get the phone number and account number so you can call them. If there are lates than ask for a copy. In some states you have to provide a credit report to the consumer if they had there credit pulled its a law by that individual state.

If you want a Heloc than run down to a Credit Union or Bank they have best rates with low fees.

Need additional help please email me.

Mark asks…

I receive a small VA disability check every month?

and to paraphrase “i need cash now” to get out of a tight spot with my mortgage. are there any companies that will do a loan in lieu of me signing over this check for a specified amount of time?

admin answers:

Vets like yourself should not have to put up with financial woes, since, after all, you put your life on the line for the whole country. Having said that, you need to hang in there, buddy. Knowledge is power. Here’s an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing–realizing and not ignoring that you have a financial crunch, which you seek the fix:

http://yourhandymanzone.com/Your_Handyman_Zone_How_To_Pages_Real_Estate_Zone_Buying_Your_House_Mortgage_Default_Avoid_Foreclosure.htm

Hope you find this helpful, particularly on how to utilize resources available to get your mortgage modified or at least fixed to avoid any potential foreclosure, and that you get through your financial troubles.

Good luck!

.
Source(s):
The Internet. Just whatever is available online and what I have on my mind, including the inclusion of relevant sites, like the one cited above that came into existence from my efforts, which is intended to be useful. Helping people get the relevant info they want is great.

James asks…

Would you take out a personal loan to pay high mortgage closing costs?

My wife and I are trying to buy a house.

Cost is $110,000, and we have the 20 percent down payment ($22,000), leaving us with a loan value of $88,000.

Problem is this: Since I’ve stayed debt-free most of my life and thus have no credit score, it looks like we’re going to be penalized by Fannie Mae during the closing process. They’ll tack nearly $3,000 extra onto our loan closing fees, to bring our grand total closing cost to $7,000 and some change.

$7,000 would deplete our checking account severely, leaving us with very little cushion (around $4000, if we’re lucky). Plus we have to buy appliances (~$1,100) and transfer our utilities before we move.

Would you take out a personal loan for all or part of the closing costs? This has been posed as an option to us by the bank.

We obviously don’t like the idea of taking out a personal loan on top of our mortgage, but it would be cheaper in the long-run than reducing our down payment (and getting stuck with PMI) in order to pay the massive closing costs. I’m considering taking a loan for half the closing costs and seeing if the seller will pay the other half (unlikely, but worth a shot.)

What would you do?
loanmaster:

The $3000 is a fee charged by FNMA because I have no credit. It was shown on our GFE.

For the record, I’ve asked about manually underwriting our loan because I can show my utility bill payments, cell phone payments, and truck payments within the past year, but banks are telling me that they only deal in FNMA for fixed-rate mortgages, and the manual underwriting process won’t do away with the no-credit/low-credit penalty.

Oddly enough, they wouldn’t charge the penalty to my wife, if she were applying alone, despite the fact that she’d have half the income. This, to me, is a case of not being able to see the forest for the trees. They’re more worried about my lack of a credit score than our overall D/I ratio and my proven income and payment history.

admin answers:

Most lenders will not allow a person applying for an getting a mortgage loan to borrower any of the closing cost or the down payment. In some instances you might have a family member or a non-profit organization give you a gift of the money for the down payment.

So lenders even require that you pay a minimum of 3% of the closing cost.

It appears as if you guys are good savers therefore you might consider using your savings for this cost. It would take you very little time to recover this amount.

When you applied for you mortgage loan you should have been given a Good Faith Estimate (GFE) of closing cost within three days of you signing your mortgage loan application. These fees should not have come as a surprise to you. If the mortgage terms, interest rate or closing cost change changed during the course of the mortgage loan application once again you should have been given another GFE that you would be required to sign.

You should inquire as to how this cost of $3000 was now added to your closing cost.

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

“FIGHT ON”

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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 Loan

Donna asks…

i have never checked my credit report until now..it says i opened a mortage loan….?

Your credit file indicates you may have a mortgage loan, opened in or around November 2004. Who is the credit provider for this account? Does this mean someone has been stealing my identity and using my ss number?

admin answers:

I assume you are using are referring to the security questions they ask when you verify your credit report. This is just a question they ask. If you didn’t just say no. Saying yes will be the wrong answer and you won’t be able to verify your identity.

David asks…

What mortgage rate & terms can I expect with 0 down and excellent credit?

I see this question over and over again on Answers when you have poor credit… what about with excellent credit?

I want a credit check with my loan… I want the best possible rate!

What kind rate of could I expect and where/who should I go to?

Which would cost me less in the long run, 0% down or a 20/80?
I can get a 5.875% now with no points and no down payment? Can someone direct me towards a particular bank or web site where I can do some research? My banks are Regions and ETrade… I don’t really trust either one for a home loan!

admin answers:

Assuming you do not want to pay points,
Conventional: 5.875%
VA: 5.625%

Those were rates as of today. If you’re doing Conventional, it’s cheaper in the long run to do a 100% loan paying PMI vs. An 80/20. This is so because eventually the PMI will go away, whereas the higher rate 2nd mortgage won’t go away until its paid off. Also, through 2010 (for now anway) PMI is 100% tax deductible if you make less than $100,000 per year.

Be careful though when shopping lenders, don’t just shop for the lowest rate, shop the fees also. One lender may quote you a lower rate but be charging you more in fees to get it. Also, get everything in writing! Best way to compare apples to apples is by getting a Good Faith Estimate, which disclosures the terms, rate and fees.

Thomas asks…

Getting free financial advice?

I live in melbourne, australia, and I need someone to check over my home loan mortgage details, to ensure that the bank is not ripping me off, (cause I dont trust them) I only stay with them cause they have a low interest rate, is there a free financial counselling service where you can get help.?

admin answers:

You need a lawyer to look over the loan papers.
Financial counselling helps you to keep your bills paid.

Chris asks…

If I want to file a complaint against a mortgage broker, how do I proceed?

I applied for a loan with a mortgage broker but I did not take it as I got a better rate elsewhere. I was charged $810 ($790 for processing + $20 for credit report.) for getting the loan approved (conditionally). Appraisal was not done, so I wasn’t charged for that. I was forced to give a check for $810 and the check has already been cashed. It hurts to pay so much money for a loan that I did not take. How do I get my money back? Is this a RESPA violation? Who do I file a compaint with? Please advice.

PS: I live in California and the loan is 80/15/5 (piggyback). They gave me a good faith estimate ($495 for 80%loan + $295 for 20% loan)

admin answers:

If you want to file a complaint against a mortgage broker in California, First thing to do is Contact the DRE (Dept. Of Real Estate) Dre.ca.gov

Mandy asks…

Why the hell is it so hard for a mortgage underwriter to approve a home loan?

I have given all but my left my testicle as far as requested information for approval of this loan. In fact, even if they were to ask for my left testicle and I gave it to them, they would turn around next week and ask for the right one. I really don’t understand to who’s advantage it would be to hold on to documents that long and not have made a sound decision either to approve or deny. I’m quite sure there are guidelines and policies that change all the time, but training is provided and they should be a able to determine the first time, whether or not I am capable of maintaining mortgage payments for the amount being borrowed. The bank makes money off of me for the next 30 years, and still I must jump hurdles to pay them? What am I missing? Perfect credit, federally employed, debt ration=A1, assets $30K, etc..”hmmmmm, let’s double, triple, quadruple check to make sure he’s eligible!’ FUCK OFF Wells Fargo!!!!
So what if I paid for the house in cash? Would the same rules and guidelines apply?

admin answers:

You are probably going through a mortgage broker vs. A direct lender. Many direct lenders, the mortgage processor and the underwriter are the same person. The other possible answer is that you are a marginal borrower and the lender is trying to get more information so that he can justify making the loan. Obviously the lender sees something in your file that bothers him and he his trying to get it resolved.

Your broker might be shopping your loan package around to many different lenders, because the first one(s) turned you down.

If you paid cash nobody would care if have good or bad credit. There are no lending rules if you pay cash. You wouldn’t have to pay anything back.

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