Your Questions About Check My Mortgage Loan

Donald asks…

Underwriters/ Mortgage brokers?

I went to a real estate brokers office to apply for a mortgage loan about 10 days ago and still no answer, he told me not to worry about that he had an “in house mortgage” and I was already approved but he was going to present it to a couple of banks anyways. My question is, do these broker offices have their own underwriters and if so why would the bank take so long to give us an answer? Or did he just say I was approved without even checking and the bank has their own underwriters who will verify all information? Also, how do the underwriters feel about 1099’s? I get paid cash but my employer gives me a 1099 every quarter.

admin answers:

You should simply go into your local bank and apply. You will get better service and be able to work with a mortgage rep that will handle your deal from start to finish. 1099s fine, but they will need your tax returns also. If the guy has not even seen your returns, they he is just assuming you are going to be approved.

Chris asks…

Who do mortgage companies answer to?

Lost my job in October, have been paying late..but current. Central Mortgage has sent us a letter of default claiming that we owe over 4K. We also have copies of all the canceled checks. We keep getting the run around. can’t speak to any one. When you press “9” to speak a loan representative, they leave you on hold for an hour and then automatically disconnect you.

admin answers:

I agree that a certified letter is a good start. Or go on the Central Mortgage website and see if there are some insights there on how to talk to a real person. I heard of one person calling their local elected official and the borrower received a call from someone at their bank the same day.

I suspect the $4,000 is late fees and other stuff they have tacked on, but that seems really excessive.

William asks…

My finance and I are looking for a bank that still offers a Stated Income Loan.?

We had one set up a year ago through our bank in which we also use for personal accounts such as checking,savings,auto,etc. We were approved, but could not find a house in which we were truly interested in. We finally found one and went to that same bank and they said that they did not offer that type of loan anymore. Now keep in mind we are self-employed and simply cannot prove all income on paper,but it’s there. We did not qualify for a conventional mortgage loan so are in need for some help. We are currently renting and are looking forward to buying our first home, if this is possible. Also, we live in Ohio. Does anyone know of a good bank and or mortgage company that still offers stated income loans. Also keep in mind he has a 760 credit score and we are able to put 20% down. thank you!

admin answers:

You just need to show your income tax returns. You should not have a problem.

James asks…

I’m waiting to hear if I am approved for a home mortgage by the end of the week.?

I know the final approval will come after the appraisal. Is it possible that my credit and background checked out and now the bank is going to see if the loan amount is worth the house?

admin answers:

THe loan is in underwriting now, it sounds like this is the first underwriting decision, so right now the underwriter is verifying that everything submitted to them matches the terms of the preapproval or automated underwriting findings. When you get teh approval tomorrow if everything checked out they will just need the appraisal to verify the market value and loan to value ratio, if they still have questions about what was submitted they may ask for more info or docs to clarify. Don’t fret, as long as the application taken was truthful and matches what you gave your loan officer you’ll be fine.

Robert asks…

When landlords check credit, what score are they looking to find (at least)?

What score are apartment complexes and landlords usually looking for when they run your credit?? My credit is REALLY bad BUT I am working on it (I have raised it about 60 points and I am STILL in the High risk range LOL (yeah, it was that bad…)

Are they looking for a 650? a 730? a 780? Or is it more about how much debt you owe people and if you have any evictions, bankruptcies, foreclosures, and other MAJOR flaws?

My credit is bad mostly because of student loans and medical bills. I have never HAD a car loan, mortgage, or bankruptcy. I’ve never even had a credit card!! I’ve never had to go to court.

So in this case, almost because I nearly have no credit (I haven’t took out a loan for school since 2008, so really I haven’t had any activity except paying for things since 2008) is it almost like having no credit?

admin answers:

Each landlord is going to have a different threshold as far as what they would want for a credit score. Some are mainly looking for evictions and judgments on your report.

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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.

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

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

Susan asks…

Can I get a mortgage with my credit scores?

I am tired of paying $700 in rent. So, I am looking for houses to but that will hopefully give me a better monthly payment.

My question is: Can I get a mortgage for a $59,900 house with my credit scores being 620, 573, and 571?

My roommate – who would be moving with me – has excellent credit (way over 700) but no current employment. I have a great job that I have been at for almost a year and earn $34,000. My monthly debt is around $350 (not counting rent).

We have a $4000 down payment for whatever we do. I also have check stubs for the last 10 months of paying $700 rent.

We have to do something because our lease will soon be up. So, waiting for my credit scores to go up will not be possible.
My roommate would be on the mortgage with me. She is out of work because she went back to college full time. Before she started school she was with the same company for over a year and a half. She has student loans which – in the writing of the loan – states that she is allowed to use the loan for housing since she lives off campus.
I am currently working with a law firm that does credit repair, but do not have the time to wait for the firm to help build up my credit before I either have to move or renew my lease.

admin answers:

Your credit scores are too low to get a decent rate. Even if you were able to get a loan for 59k you might no be able to afford it. Spend a couple of months to work on your credit score before you dive into a loan. Some of the things you’ll want to do is follow the steps I have listed here and make sure you get the free credit report monitoring on the article listed below to track your progress which is really important!

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year — :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read the full article here, it gives you an overview of credit scores, and the 10 steps in detail on page 2 .. Good luck!

Jenny asks…

Daycare for 3? How can we afford it?

We are now expecting our 3rd child, and don’t know how to afford daycare. My husband and I make to much money to qualify for assistance, but having 3 kids in daycare will be almost my entire check, leaving my husbands check for mortgage, car, insurance, electricity, natural gas, fuel, food, phone, and expenses. It’s just not possible!!! Any ideas???

admin answers:

Stop having kids if you can’t afford them. Re-do your budget, cut back on unnecessary items, we all have them. Watch where every penny goes and figure out what you don’t need.

William asks…

Insurance check endorsement by Lenders?

I have a commercial property, it had some damage due to natural disaster, the insurance company have send me a Check, one of my Mortgage lender have endorsed it without any troubles, but the second lender is giving me trouble about depositing the check into trustee account, will some one know what are my rights towards getting that check endorsed by them without getting them to keep it into mutual account????

admin answers:

You HAVE no rights in this matter. THEY have all the rights – to make sure that the money actually goes to repair the damage. I’m actually surprised that the first mortgagee endorsed the check.

The STANDARD procedure, is that the mortgagee deposits the check into a trustee account, to be released to the contractor as the work gets completed.

The way around this, is to give the check back to the adjuster, and have them pay the contractor directly, after the work is completed. MOST contractors don’t have a problem with this.

Maria asks…

Why isnt my mortgage being reported to the credit bureau?

Have had a mortgage now for 6 months and checked my credit report the other day and noticed that they are not reporting, i asked the place we financed through and they told me that they are not allowed to report cause they dont deal with enough loans, but they can report if we are ever late on a payment, this didnt seem right to me cause i thought the whole point of buying your own home was to build equity and help with your credit score, is this right?

admin answers:

Common. Not every credit servicer reports to a credit bureau; but they all turn in delinquencies for collection thus reporting them in an effort to get paid.

Especially true with investment groups and small private lenders

Michael asks…

In the state of California, does a mortgage broker have to have a license?

I am just curious…
Do they have to have any special licenses?

I checked my TRW and have found that the mortgage company is not reporting my no late payments and I am not able to refinance due to lack of records.

What is the law?
Thank you Dion…

admin answers:

Yes. To act in the capacity as a broker, you must be licensed by the Department of Real Estate, the Department of Corporations, or you must be an attorney with a license by the California Bar. Additionally, banks, savings and loans, thrifts, credit unions and etc all may broker loans to each other as long as they are either chartered federally or by the state. For information on a broker, you can check their name or license by going to the following sites below.

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Your Questions About Check My Mortgage

Mary asks…

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

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

admin answers:

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

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

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

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

Good Luck.

Richard asks…

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

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

admin answers:

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

James asks…

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

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

admin answers:

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

Charles asks…

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

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

admin answers:

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

Helen asks…

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

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

admin answers:

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

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Your Questions About Check My Mortgage

Robert asks…

Can a surevyor (Mortgage), re-survey the shouse when coming to check the original survey?

I’ve just recently bought my frist home with my partner, the mortgage company arranged for the house to be surveyed which is standard practice I assumed, the survey found various problems with the house which resulted in the mortgage company retaining £3000 of the mortgage. We managed to find the extra money at last minute and were told the £3000 retained by the mortgage company would be released if the problems highlighted were fixed within 3 months. The 3 months have passed and we’ve rectified all the problems from the original survey. The surveyor (same one who did the original survey) came back round to check on the work done. He confirmed that everything looked good as per the original survey but then got his damp meter out, after checking a few walls he says there may be a problem now as some of the walls appear to be a little damp. My grievance is that this wasnt picked up on the original survey so, 1) Are the mortgage company allowed to with hold the money for a fault that wasnt picked up on the original survey, and 2) are they even allowed to re-survey the house, and couldnt this game of cat and mouse surely go on for years and years??
Thanks for responding, Yes the loan was agreed as we provided the extra £3000 to cover the survey problems. The damp found was not related to any work done as it was in a part of the house that has remained untouched. Having only 3 months, we purely focussed on the points raised in the original survey. Having completed all the neccesary work on time surely it cant be right to not release tthe money based on a totally unrelated matter. Does it also not pose the question as to why this bit of damp was not picked up on the original survey? If it was it would have been rectified along with the other problems. Cheers again for your help.

Should the lender be penalized for something that was missed in the first inspection? Do they only get one bite at the apple? If this condition had been noticed/noticeable initially, it probably would have been on the list of things to address as well, correct?

First thanks for getting in touch.

Couldnt agree more, if there is a problem with damp on this particular wall then it does need sorting, now I’m no expert in damp but in the 3 months that have just passed, no builder, decorator, surveyor etc etc has spotted this “damp” on a visual basis, it was the random probing of the damp meter that uncovered the new found damp. But wether it is damp or not for me isnt really the issue. It’s the actings of the building society that are worrying me.

If the building society comes back and offers a further 3 month period in which to have the damp issue resolved, with a view to then having the full £3000 r
….the full £3000 released, this other than this being a further slight annoyance I can undertsand. But this is not what I believe the surveyor was hinting at while re-inspecting the house. He gave the impression that “theres a chance you might not get the whole £3000 back now because of the damp I’ve just found”. This being the final word on the matter as opposed to being another step along the road.This is what I feel would be highly unfair as I feel I’ve danced to there tune the whole time, they asked for they extra £3000 in the first place which I gave them, I’ve worked to and completed the list of problems form the surveyor they assigned and now they may hold back some of the money because of something they missed, surely cant be right can it?

admin answers:

The mortgage company can do pretty much as they like as relates to the surveys.

This may be a new fault, possibly caused by the other repairs.

You do not make clear whether your original loan has been passed to you and the house purchased. If so the only money the mortgagor could retain is the £3000 albeit for a different reason from the original.

Arrange an appointment with them to discuss.

John asks…

What are the procedures for cashing a claims check for putative damages.?

The check is made out to myself, the adjuster, and my mortgage company.

admin answers:

Is it a public adjuster that you used? You would sign it first, then give it to the public adjuster, then forward to the mortgage company.

William asks…

How long does farmers insurance group take to send refund check?

I recently switched my home insurance co and cancelled the policy with farmers ins group, the agent said I’ll be receiving a check for a little over $600.

My mortgage company sent the payment right away to new insurance co from escrow account and I was advised to send refund check as soon as I get it, because they are getting ready for the escrow analysis.

how long will regularly take from farmers insurance group to do a refund?

admin answers:

It’s normally going to be 30 to 45 days. They wait until the other payment check has completely cleared before issuing a refund based on it.

Maria asks…

My identity was stolen, and I can’t check my credit due to having a mortgage?

My identity was stolen before I turned 18 (even though having a mortgage at 18 is illegal). I know that I have to report this to the credit bureau and prove that I am who I am and that I am only 18, but after that, what do I do? Is my credit wiped? And also, I’m trying to figure out how to send everything to the credit bureau. I thought I could fax it, but it’s saying online that I have to call, tell them, then MAIL everything to them and that’s a ridiculous hassle for something I’ve been trying to get fixed for months.
As another note, when I go to check my credit and say I never had a mortgage, it’s wrong and shuts me out. I wasn’t approved to get a bank account, which is how we discovered this issue in the first place.

admin answers:

Are you SURE your identity has been stolen? Or are you just misunderstanding the security questions they ask you when you try to check your credit online? If you were given a multiple choice question asking which bank you have a mortgage at, one of the choices should have been “none of the above”. That’s a typical security question — someone who’s pretending to be you might choose the wrong answer, but YOU know you really DON’T have a mortgage.

It sounds like you *do* need to actually call the credit bureau. How can simply making a phone call be a “ridiculous hassle” when you say you’ve been trying to get this fixed for months already?

Richard asks…

Refused mortgage, why? ?


My partner and I are looking to buy a house. We have 60k deposit and want to buy a house worth 185k therefore will need 125k mortgage. We checked our credit score before seeing an independent mortgage broker. My score was 920 and partners was 850.

I work and earn 25k. My partner doesn’t work but claims benefits and the mortgage broker said his 5k benefits can go towards the mortgage.

The mortgage broker said we would get a mortgage for up to 130k easy!

Little did we know, we didn’t!

We were only offered 50k and now our scores have dropped. Mines now 819 and partners is 699!

Why did we get refused? What can we do? Do you still think we will get our mortgage?

Thanks all

admin answers:

Its not just about credit score, if the lender deems you a risk using their criteria you won’t get the mortgage.

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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?


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

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:

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!

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?

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.


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Your Questions About Check My Mortgage Loan

Lizzie asks…

What will you do with your economic stimulous rebate check?

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

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

admin answers:

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

Lisa asks…

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

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

admin answers:

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

Daniel asks…

Can I still back out from bank loan?


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

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

thank you so much

admin answers:

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

Chris asks…

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

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

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

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

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

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

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

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

admin answers:

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

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

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

Ruth asks…

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

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

admin answers:

The answer is 100% NO

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

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

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

Talk with a lender.

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Your Questions About Check My Mortgage Loan

Richard asks…

Can I still back out from bank loan?

Hello, please help

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

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

thank you so much

admin answers:

4.375 is a good rate. Since you’ll be getting a conventional mortgage, you can also pay extra each month in order to cut down on the interest. On the first 15 years, you pay about 70% in interest.

Steven asks…

Would this be some kind of fraud? It worries me.?

We are trying to get a mortgage approval underwritten through NY state mortgage assistance. We already had a conventional loan approved by our bank, but the terms aren’t as good – higher interest rate and closing costs, namely.

The conventional loan allows us to take a secure loan against our owned car (we have no car payments currently) as use of downpayment. However, it seems that the NY mortgage does not allow this.

My husband thinks he can just take the loan, give the loan check to his mom, and then have her “gift” it back to us (gifts are acceptable sources of downpayment with the NY mortgage).

It just sounds like fraud to me. I don’t like it. I know I’m taking out that loan to use as a downpayment. It seems like it would be very obvious that we gave it to her and she gave it back to us. I don’t think I want to let him do this. Does anyone know, or have any advice? And does anyone know why I can’t use my secure property as collateral on the unconventional loan? :-/

admin answers:

I’m not quite sure why your husband wants to take this approach by involving his mother. What’s the gain?

You still are going to have a loan against your car and cash in hand either way.

In any case, yes technically it is fraud. A “gift” under the law is not a gift if there are strings attached, such as you are expecting it back.

Will you get caught. I have no idea. But technically it would be fraud of some sort.

David asks…

I had to modify my home loan, will that disqualify me from working for the FBI?

I had apply for a loan modification because I can no longer afford my mortgage payment. Other than that I had great credit. I know the FBI does an extensive background check, will that disqualify me?

admin answers:

No as long as you can show the reason why as legitimate.

James asks…

How many billions should my neighbor sue for?

he inherited his house and property from his dad. All mortgages and loans were paid off in the 70’s. Now he gets a letter from Bank of America whom he never had any business with and they claim he is in default for a mortgage. He checked all the records at the courthouse and there is no mortgage on file, they won’t listen. I think they should give him at least a billion for being stupid morons, and if they press forward with the case, add a billion a month for the aggravation.

admin answers:

He won’t get billions but tell him to let them file all the liens they want and hire a couple lawyers. All legal fees will be paid.

-it is happening a lot and he is one of the many.


Homeowners may be able to claim the banks have unlawfully taken their homes and/or other legal theories allowing the homeowner to receive compensation for their homes being taken without legal authority

Carol asks…

天候 can you check my japan language translations?

Can you check the translation on these words Please.
Thank you in advance

天候 (weather)?

雑談 (chat) – like internet chat?

引用 (quotation) – how is this used

ひび (crack) – crack like crack cocaine or game crack or crack in the wall?

ブランク (blank) like blank cd? – period of time without?

詐欺t (fraud) – ?

市外局番 (area code) – like telephone area code?

占星術 (astrology) ?

運転者 (operator) – phone operator? – driver like hardware driver?

抵当 (mortgage) – like the loan?

admin answers:

I answered you on the other one. ^^;; I’m not sure which one you’ll check, so…

天候 is correct for ‘weather’, but 天気 is more popular.

‘Chat’ (like, internet chat) is most commonly チャット.

引用 = quote/quotation, citation, etc. It’s a noun.
“That’s a funny [quote].”
それは面白い [引用] だ。

ひび = crack, like a crack in a cup, an egg, the wall, your skin, chapped lips, etc.

ブランク = blank, like blank videotape, blank line, etc. It’s sometimes hard to pin down a meaning for katakana words – since they’re borrowed from other languages, they can be used elastically.

詐欺 = yes, fraud

市外局番 = yes, area code

占星術 = yes, astrology

運転者 = operator, in the sense of driver. Someone who drives a car or a truck or large machinery, etc.

抵当 = yes, mortgage

Sorry, can’t help you with the other languages. 🙂 Feel free to email me through my profile if you have other Japanese questions.

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Your Questions About Check My Mortgage

Mandy asks…

I noted “final payment” on my last check to my lien holder. Never got a mortgage satisfaction letter.?

What now? I’ts been a few years and the guy might even have died. Any suggestions?

admin answers:

I would contact the local Lions Club in the town he lives in. They should be able to help you with this.

Sharon asks…

Getting a mortgage with someone with a lower credit score.?

My fiance and I are planning to buy a home together before we’re married. My Credit Score is 885, but he foreclosed on a mortgage 4 years ago and at last check he was in the 600’s. We would need our combined income to afford the house we want. Would our credit scores get averaged together? Will having a mortgage with someone with a low score effect my score?
I thought 885 was a little high too, but I got it through Experian Vantage Score and they list the scores as 501-990.

admin answers:

Ask your mortgage loan officer to run the application BOTH ways

and check out the difference for yourself

theres no sense in guessing

(thats what i would tell a client to do)

Ruth asks…

When do the first Obama welfare checks go out? My mortgage and car payments are due next week?

admin answers:

I am so glad we don’t have to work anymore. The messiah will just tax whitey and give us freebies from now on.

John asks…

Will I lose my mortgage/house?

I got a mortgage approval and got a week away from the settlement/closing table and I lost my job. We had put so much into getting the house and after much agonizing we decided we could still afford it and be financially comfortable. Today at the closing table I signed a document saying that I allow my mortgage provider to check my employment (again!) for verification. It didn’t say they would, just said they could. Will they check my employment, again? Is this common practise to check employment AFTER they purchase the house on someone’s behalf? If they check my employment and find I no longer have that job, what will they do? Thank you for your advice.

admin answers:

Well, if you default on the loan they will sue you for fraud. You signed it knowing full well that you had no employer at all.

I would really think about it, is it worth prison?

I would be surprised if they check again w/o something happening to trigger it.

Laura asks…

Could My mom sue her mortgage company for wanting after photos of her House being fix after a Hurricane? ?

Her mortgage company wants after pictures of her roof after the contractor did the roof so they could get paid. She went on the roof to take pictures. Coming down from the roof she fell off the ladder. The mortgage company is holding our insurance check until all repairs are done. The mortgage company already had the proof from the contractor. The check came from her insurance company. Since the house is not paid for we had to send the check to the mortgage company. They would not release any money until they receive after pictures of the work. They made that very clear. My mom hurt herself after she fell off the ladder and she already have bone cancer. So could she file sue against the mortgage company since they already had the proof they needed?

admin answers:

Common sense would dictate that a woman with bone cancer would not step foot on a ladder no matter what. (If the mortgage company had said – jump off a bridge and we’ll pay you….I am sure your mother would not have jumped.)

Anyone could have taken the pictures, or perhaps they could have been taken from the neighbors window or by the roofer.

Bad judgment decisions on your mother’s part is not the fault of the mortgage company. I own a 3 story home and if someone said “climb on the roof and take pictures” I’d tell them to jump off a bridge. I would either hire someone or ask the contractor to take the pictures.

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