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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