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 Status

Linda asks…

Based on this information about my credit status, do you think I am in a good position to buy a car?

I checked my credit scores yesterday and they are as follows:

Equifax = 491
Experian = 595
TransUnion = 601

I have been paying on a mortgage for a year and have never been late with the payments. I have been paying on my current auto loan for two years, and have never been late with a payment. I have obtained various credit cards (approximately four) in the past six months or so, and have never paid any of them late. However, I have 21 collections on my credit report – the majority of them are from medical bills, and most of them are a few years old. I have one large medical bill on there for a little over $33,000. I am not sure what’s pulling my Equifax credit score down so much, but either way I want to get a car.
I currently have a 2006 Isuzu Ascender and I do not like it. It has horrible gas mileage and not very many amenities. I want to trade into something with a rebate, preferrably a Honda Accord or Toyota Camry. I have also thought about getting a BMW 300 Series, but don’t know if luxury cars offer rebates. Right now I owe about $21,000 on the Isuzu and it’s probably worth $14,000 or $15,000. They do not have a good resale value and I didn’t know that at the time. My current interest rate is about 17.9% – that’s outrageous, but I am hoping to get a lower rate since I have built some positive credit history. We got a fixed interest rate on our home (5.5% through FHA), but we got hosed with my car. I guess our credit wasn’t that great at the time. My husband is a co-signer on my car and his credit is a little bit better than mine. He’s probably in the mid 600’s.
Do you think I stand a good chance of getting a better car with a better interest rate? I am planning to have my husband co-sign again. Do you have any suggestions? Serious answers only please. Thanks in advance.

admin answers:

Can hubby sign on the loan by himself? If his credit score is much higher than yours, he has a greater chance of getting financed.

However, your situation is all too common in today’s market. Isuzu doesn’t carry much weight when it comes to resale value (and you’ll find that the dealers will NOT give you top dollar for an SUV, as their lots are full of them right now). As you know, you’re going to be upside-down, and in a huge way. And, honestly, none of the Hondas, Toyotas, etc (and certainly not BMW) are going to be having rebates that even come close to covering your negative equity. You’re lucky to see $2000 off a Honda or Toyota, and that might be on a high-dollar model at year-end. BMW almost never gives rebates that high. The reason? Demand. These makes are always in high demand, and do not need to give such incentives. And, being $7-10,000 upside down would kill any rebate as it is (and then some), so the new negative equity would just be added back to your new loan. Hence, you start the cycle all over again.

And, if you choose to try the used route by going to a “buy-here, pay-here” dealer (due to your credit situation), be VERY CAREFUL about how much you’re going to pay for the new car, as these dealers have no issue with adding that negative equity to the loan. They’ll show you a tolerable payment, but it’ll be based on extended terms (so more finance charges in the long run), high interest rate (no explanation needed), and a down payment that’ll probably be half what the new car’s worth.

Also, if you keep that Isuzu and pay it off, that’ll reflect more positively on your credit report than trading after 2 years.

Advice given before is correct: “keep the Isuzu and ride it out”. Gas prices and a bottoming SUV market have killed your wants and desires. Unfortunately, it’s reality at this time.

EDIT – DO NOT reply to the poster below (“Mark”). It’s a scam. – And it looks like Yahoo took care off his post, anyway…

Lizzie asks…

Under what circumstances would a seller contract with a buyer that sets the closing date 4 months later?

I was interested in a property that came on the market in late February but it when from active status to pending in about two weeks. There was no change to option pending or anything in between. It was there and then gone from MLS.

I visited the house. It was completely updated and ready for move in. The house was empty. The current seller never lived in it at all. Apparently, the house was an investment property for seller because I found that he owns three other homes and his primary residence is one of those.

I finally got my PIA realtor to check into it and she said that the closing date is scheduled for the end of July for an offer that was accepted by mid-March. Why would the seller wait this long to close? Under what circumstances would the seller pay the mortgage costs for several more months to make a sell that could possibly be made with a 30-day close?

admin answers:

Because perhaps it’s the buyer that wanted it later. If someone offered the seller the price that he wanted, but couldn’t close for a few months. They could have worked something out. If the buyer is giving him a good price, it could be worth it to keep for a couple more months.

James asks…

Help with a legal issue please?

One June 11, 2008 at 3 pm, my mother was taken off life support and died. She had an inter-cranial hemorrhage, and was on life support for a week, before life support was ended she was able to donate her liver and her kidneys. At the time of her death I was 17. My eldest brother Adam was made executor of her will and estate. When I turned 18 that August, I inherited 38 thousand dollars from my mother’s life insurance policy. As soon as the money was in my bank account, my father Robert told me to write him a check for the amount so I did. And he did the same thing to my brother Jacob, and my other brothers.

At the time I was attending Kent State University at the main campus branch in Kent Ohio. Adam and Robert told me to sign a paper so Adam could speak for me in court, thinking that since they were my family, they would have my best interest at heart I signed the paper. I also signed the paper because I was afraid of what Robert would do if I didn’t.

After my mother passed away I more or less became the house’s personal servant. I did all of the cooking and cleaning while being a full time student. Robert would sit up in his room all day either watching CNN or blowing the money into the stock market on E-Trade. Also by getting horses, cows, chickens, and a pig. When “we” started the “farm” Robert would still just sit in his room. During this time I wasn’t allowed to have a job or get my driving permit.

In July of 2009 Robert informed me that I have an older half-sister named Trisha. He told me this only a few minutes before she showed up at our home, I was also told that I have another brother (half) named Luke, whom is only a a month or so older then Adam. A few days later I decided that I was tired of the mental and sometimes physical abuse, so I told Robert that I was going to hang out with my friend Sara for a while and he allowed me to go.

After a few hours I called Robert to inform him that I wasn’t coming home. I decided to move out this way because Robert had always been a loud and violent man. I know that if I had told him I was leaving while still at the house that I would have never gotten out, and I would have probably been hit.

When I called Robert to inform him that I was not coming home, he began to scream at me through the phone. He yelled at me that the next time he saw me, I better have cops with me because he was going to beat me bloody. So my friend Sara took me to the police department and I was police escorted to my home so I could get my clothes.

My Aunt called my Grandmother on my mom’s side when she found out what had happened, my grandmother then got a hold of me and she flew me out here to California to live with her.

I have been trying to get my inheritance back from Robert so I can finish school like my mother wanted me to. According to him the money is all gone. I also received a letter stating that there is going to be a hearing about the status of the mortgage. And debt collectors are calling me aswell. I was a minor when my mom died and don’t understand how they can come after me for the house. Also I haven’t even lived in said house in over a year. I am wondering what I should do legally to get the money Robert took from me, and what to do in regards to the mortgage.
@ Jeff Smith

Many questions need to be answered here first.
1) Is Robert your father or step father??
—- Father
2) was an investigation done into your mothers intra-cranial bleed? Was it a stroke or was it due to trauma?
—-There was no investigation, it just happened. One day she was fine and the next she was brain dead and on life support.
3) why was Adam executor of the will and not the husband? Most states (even when no will is in place) the spouse gets 50% unless specified by a will.
—-My parents were not married at the time of her death, they just lived together. Adam is the oldest of us kids so he was exectur. Also I think it was in her will.
4) was the house paid for at time of death, and who was it titled in? Being a minor (unless emancipated) there is no way that you could have been on the title.
—–No it wasn’t paid for, we were in the 2nd or 3rd year of the morgage.
5) There are some very suspicious things surrounding Robert and your half/step siblings. Do you even know that they are his children??? Was any DNA or family history done?
—–It’s been confirmed through other family members that Robert slept around on my mom. But no DNA has been done.

admin answers:

Many questions need to be answered here first.
1) Is Robert your father or step father??
2) was an investigation done into your mothers intra-cranial bleed? Was it a stroke or was it due to trauma? It sounds like Robert is abusive, and if it was not a stroke did he hit her as he hits you? (There is NO STATUTE of limitations on murder.
3) why was Adam executor of the will and not the husband? Most states (even when no will is in place) the spouse gets 50% unless specified by a will.
4) was the house paid for at time of death, and who was it titled in? Being a minor (unless emancipated) there is no way that you could have been on the title.
5) There are some very suspicious things surrounding Robert and your half/step siblings. Do you even know that they are his children??? Was any DNA or family history done? It sounds as if Robert has ripped off you and your family. The papers you may have signed may had been powers of attorney, and now he pretty much has bled your family dry during a very tragic time.
I can not foresee anyway that you were on the deed to the home, however, if in fact you signed papers that you did not read, and you were an adult at that time, he very well could have done a quick deed throwing you on the deed, and taking advantage of your naivety along with your grief ripped you off.
I would find the answers to the above questions, then contact your FBI field office. From the way things sound you were not only ripped off but there is a good chance that some foul play was involved surrounding your mothers death. If this is in fact the case put robert where he belongs….in PRISON

Now that you answered the questions;
SINCE YOU ONLY HAD HOUSE 3 YEARS ODDS ARE VERY GREAT THAT THERE IS ZERO EQUITY IN IT. IF YOU ARE ON THE DEED AND ROBERT IS JUST SQAUTTING YOUR ONLY HOPE FOR ANY KIND OF MONEY RECOVERY IS TAKE HIM TO SMALL CLAIMS COURT AND SUE FOR THE MAX ($5000.00) FOR BACK RENT. THEN TAKE THAT MONEY AND GET AN INVESTIGATOR TO LOOK INTO YOUR MOTHERS DEATH, ROBERT SHOULD PAY FOR THE CRIME. KICK HIM OUT OF THE HOUSE ASAP, AND LET IT GO INTO FORCLOSURE. IT IS UNFORTUNATE, BUT ROBERT SOUNDS LIKE A REAL DIRTBALL AND THIS LATE IN THE GAME (MOST HOUSE VALUES HAVE TANKED 40%) THERE IS WAY TOO MUCH OWED ON HOUSE. AT LEAST YOU WILL RECIEVE SOME CASH AND HOPEFULLY GET HIM ARRESSTED FOR MURDER

Joseph asks…

My credit score is 579? need advice…?

i am going apply for mortgage in couple of months so checked my credit score. when check report 3 money laundering company as runned credit checked which i never applied there are only two account one is from my bank and another one is Shop Direct Finance Company Ltd which i never applied.. it shows the status as t settled what is it??????????? what should i do……. pls need some good advice

admin answers:

Dispute those entries with the credit reporting agencies. All have an online form for that

Michael asks…

Buying a new house- can’t get a loan?

My husband and I put an offer on a house and when we went to talk to our mortgage broker about a FHA loan he told us his apprasier told us that because the house did not have a ‘public’ septic system that we would have tp purchase that in order get obtain the 3 1/2 loan which might cost us a few thousand more dollars. We have three options:

1) get an apprasial for the sewer and if its 3% more than the asking price of the house then they will not make us pay for it
2) take out another loan but we would have to put 5% down which we dont have unless we didn’t pay our bills for a amonth
3) have my husband take out a ‘my community’ loan without my name on it.

my questions are:
– are there any other suggestions?
– for the my community loan, is there a way for him to find out if he is married, like do they check your taxes ( we filed together) or ask his marital status? If so, it wont work.

thanks for the advice.

If i made less money and had bad credit, I would be able to get a house! what the heck!

thanks!
I’m not trying to be dishonest, trying to get a loan.

admin answers:

Yes, of course they check taxes and credit. Maybe your problem is you are dishonest and what comes around goes around.

Sewer hook up is about 1200, if it is on that side of the street. It could be impossible otherwise.

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