Your Questions About Check My Mortgage Loan

Susan asks…

My house was sold in a short sale, but the remaining loan was sold in a foreclosure sale?

I finalized my short sale in August, everything was done. All documents were sign, and it was a huge relief. However, I just checked my old mortgage account and it stated that the remaining principal on my loan had been sold in a foreclosure sale and on my credit it shows that my account was derogatory past August and it is being listed as a foreclosure. I never received any documentation from the mortgage company after August. What gives?
In the agreement I was granted a full release of the loan.

admin answers:

That is what you agreed to when you asked for a short sale. The balance of the mortgage is either paid by you or marked as uncollected debt

George asks…

when can I refinance on my mortgage?

I bought my home Dec 08, my credit isn’t as great as it was, my mother got a car repoed i co-signed for her on (I had no idea until credit check) and now, I just have more debt to income. Any advice? There aren’t any loans or monthly expenses I can personally lower or change beside this possibly.

admin answers:

What is it that you need to accomplish with your refinance? Cash out for paying off debt or to just get a lower rate and payment.

If you can prove 2 hardships, for instance loss of income or wages cut, medical problems, loss of partner income, there is a long list, you may qualify for a mortgage loan modification. While it can be a hassle, many people have succeeded in getting there monthly payments lowered, principal cut, rates lowered, to bring there payments down to or below 31% of your gross monthly income.

I would first try your current lender/bank who is servicing your note, and if they give you too difficult of a time, there are attorneys that work on your behalf to provide pressure on the banks you may not know about.

In today’s mortgage market, your file is looked at with 3 sets of eyes. Credit, have you demonstrated the ability to make your obligations, debt to income, how much are your gross household earnings or anyone that is applying for the loan, and Equity position, what is your home worth compared to the amount you owe or want to borrow.

If you purchased the home in 2008, depending where your at, you shouldnt have been affected too severely by the housing downturn, it may seem like income and credit are your problems.

Todays average bank or lending institution are requiring a minimum 640 – 660 credit score, no exceptions for money saved or payment history of the mortgage itself. Depending on what exactly your debt to income level is though that alot of lenders will look at differently depending on compensating factors. Compensating factors are things like savings, current and past mortgage and rent history, extensive job time with the same employer, and even in sum financing types like FHA, non occupying family members as a crutch. (Non occupant co borrowers cannot be used on a cash out refinance)

When determining your debt to income percentage, you will make a list of all payments reporting to your credit report (credit cards, lines of credit, mortgages, car notes and leases, recreational vehicle payments, student loans, child support, alimony, Property Taxes, Insurance, 401k repayment plans through payroll, etc.) and add them up. You dont want to include items like car insurance, health clubs, utilities (that dont report to credit) child care expenses, and cell phone or home phone services. You will then divide that number into your gross monthly income. Your gross income can be calculated by salary which is easy, or by dividing your current YTD gross income into however many weeks we are into the year. This is if you are paid on a weekly basis. There are several ways to calculate income, most difficult is for self-employed so you have a question regarding that, feel free to let me know.

I hope this helps

James asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Go speak with JAG as there are programs to help service members who had to either short sell or or foreclose due to military moving (under orders) I don’t know specifics but I know there is something out there. Also Laws difer from state to state as to what a debtor can and cannot do so teh best course is have your husband go speak to JAG

Laura asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Something is very fishy here and its not that your husband is at sea. You need to make the phone call yourself to YOUR mortgage company and see if they really initiated this phone call. Many times these calls are scams and get you for alot of money. If your mortgage company did make this call then you should call a lawyer to find out where you really stand with the mortgage company. Only a real estate attorney can advise you on this one.

Donald asks…

Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend’s parents afterward. My father has been paying on the house each month ever since. My father does not live in the house — nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he’s been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he’s not on the loan, his money has not built any equity for him and it’ll be problematic pursuing any type of refinance. He’s stubborn to foreclose or cut his ties to the house because he doesn’t understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would’ve never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you’re familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow — my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he’d be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

admin answers:

It’s way to complicated for Answers. You need to see an expert on this. There’s way too much at stake to put off seeing an expert.

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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 Loan

Daniel asks…

Old Mortgage company reporting me years after selling house?

I owned a house, financed through GMAC mortgage from 2001 to 2005, when I sold it. Years go by, nothing wrong. As of January this year, they reported me for being delinquent on a single mortgage payment… 3 yrs later.

I started the process of a home loan app today with another company and they tell me I currently have a mortgage loan, for the exact amount of my old mortgage. I keep tabs on my credit using equifax.com and I had never seen antyhing. Today I check back, and now it shows I have a $130,000 mortgage (amount of my old house) to some comapny I’ve never heard of. In fact, there seems to be a few names involved – my credit report shows “NetBank” and the person processing my app shows RBMG, and I also saw a Resource Mortgage somewhere too. The only phone number I found is busy all of the time. I googled the address and it leads to south carolina consumer protection agency.

All of this is really weird. Anyone seen this before or have any idea what is going on?

admin answers:

We pull a “tri-merge” report so just because it didn’t show up on Transunion does not mean it will not show up on the other two reports.
All creditors have a right to show your history for 10 years…

Thomas asks…

I try to do short sale on my house?

I bought my house for $400,000 , now it wort 245,000. I am six month behind on my mortgage, I did try to do refinance with wells fargo. they did charge me over $4500, and now gave me a plane to pay 7800 for 3 month and then if every thing goes fine they will check my loan.(they stop foreclosure )
I am tired of this game, and i am going to do short sale.my question is it late for short sale or still I have time?
Thanks.
mailboxreza@yahoo.com

admin answers:

Short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price

Donna asks…

FHA Mortgage fell through, can I sign a new contract on house for conventional loan?

I have been watching a certain house since May 08. House finally went on the market in January 2009. Called about it immediately after seeing the sign in the yard and someone else had a contract on it. The previous owner had let the home go into foreclosure so it was bank owned.

The people with the contract on the house found out while doing a title search that the title was not clear due to some IRS tax issues. I zoomed in for the kill. I didn’t care how long the wait was, I would wait it out for this house…signed contract in February for 15000 more than they were selling the house for. I was getting an FHA loan and was assured it would pass. Got news it did not pass due to a waterleak in the basement, realtor went in and fixed the problem but because the house had been vacant for over a year, the water problem had caused a mold issue in the downstairs closet.
I had a health inspector go out at my expense and check the house. Only mold was the mold in the corner of the closet downstairs. could be fixed really easily.
Was informed it would not go FHA cause of my appraiser saw the mold in his prelim appraisal and he would have to note it in the report.
Now that the contract fell through, they have relisted the house for 17000 less than I offered the first time.

My question is, can I sign a second contract on the house and go conventional this time?
the house is only selling for 67000 it is in a nice location and itis 5br 3 ba 2700 sq. ft. no mold anywhere else but in that corner of the closet downstairs
One thing i wanted to add is that the appraiser didn’t do a full appraisal. he just went in and looked very quick…I was told by inspector the only thing that needed to be done is to get a spray can of Kilz and spray paint the closet since the mold is nowhere else in the house.

admin answers:

You know you can’t do FHA, but you can do a conventional loan with out an inspection but you can’t go back on the sellers because you are opting out to do the inspection. BUT… Your lender (mortgage company) might request a home inspection. There are ways around all of this but first thing is first, if you want this house then you need to get into contract with the Realtor. Then shop around for a mortgage broker. In the end it will depend on the appraisal value, even with the mold. If the lender wants it fixed before the closing then they will ask for the modification (talk to ur lender). Also depends on how much you ae putting down. The more the merrier and you will see more can happen if you are putting your cash on the line. There are so many ways around all of this in conventional loans. Not FHA. If in the end you can’t get the loan passed then you can get out of contract. No fault to you. If you really want this house then a good broker will get you in. Also sounds like a good Realtor.

John asks…

what can i do if im a victim of mortgage fraud?

same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?

admin answers:

Get an attorney.

Sandy asks…

will my loan go through?

I got approve for a mortgage loan, but with conditions. I didnt like they way things was going because they our rate was this and later we found out our rate is higher all the way at the end of the process. I decided I should shop around for a better rate, but later I changed my mind. I felt like I couldnt go through the same process all over due the fact my closing date is near. I feel that my score went down maybe two points from a 680 to 678 I not sure. My broker before was telling me if I go let anyone check my credit I will not be qualified for the loan if score goes down pass 680. I felt like he was putting in a tight position. I really never got a chance to shop around because he pulled my credit alot, because was he shopping around to different bank is that fair. Now I want to do some shopping on my own and my score goes down, and I might not qualified for the loan.

admin answers:

Your score will not change much due to shopping around. It sounds like your broker is trying to use scare tactics to keep you from shopping around. At 680 and 678 there are numerous programs for which you can qualify. Check with local lenders to see the best rate that you can get. What is the rate that the broker is quoting you and on what terms?

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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? ?

Hiya

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

Charles asks…

why is my claims check made out to both me and my mortgage company?

Had some damage from a leaky dishwasher which has caused over $13000 worth of damage to flooring. After weeks my adjustor has finally said that he is sending out a check next week that will made out to both me and mortgage company, Why do they do this since I am the policy holder? Secondly mortgage company told me that they will keep the money and disperse upon reciept of contractor contracts for repairs. What if my hubby and I wanted to do some of the work ourselves to save money, will we get any left over amount back? If not, makes no sense to try and do it and save the money! Lastly we have been sending in our receipts to for eating out to the adjustor as he directed. How can that go to the mortgage company?

admin answers:

Easy Answer: Because you own the part of the house that is paid for and the mortgage company owns the part you have not paid for.

Longer Answer: because the house is collateral for a loan that you took out with the mortgage company. As such, the mortgage company has an interest in the home and in making sure that the damage is properly repaired. If you don’t repair the house and stop making your payments – they foreclose and the damaged house now belongs to them but you pocketed the money.

Also – your insurance policy has a Loss Payee Clause that says the insurance company has a legal duty to protect the mortgage companies interest in the house. They do that by putting the mortgage company on the check.

Regarding the eating out: You have to eat whether you have a claim or not. The Additional Living Expense only covers the increase in expenses from what you normally incur. They don’t pay for every bit of food or drink that go into your mouth. They also don’t pay for you to eat steak every night.

Mbrcratz gave good advice. You want to be reasonable in your eating out.

Usually the check for additional living expense is issued to the insured with out the mortgage company name. The adjuster may be waiting until all the repairs are done and you are back into the house and then settle up the additional living expense claim in one shot.

Betty asks…

How do you manage your finances?

Am posting this in the wedding section since I believe people should have the finances talk before getting married. My husband and I got married this past May, but moved in together in spring 2010. Initially we had planned on keeping our finances separate, with a joint checking/mortgage account for paying bills. Now more than a year later, our finances have evolved to depositing our paychecks into the joint checking. (Before paychecks were dumped into our separate checking.) Credit cards are a combo of merged and separate accounts.

How do other couples split finances?

admin answers:

When we first got together, we had separate accounts

now, we have a joint checking and saving account

checks are deposited there

i don’t like this arrangement and will change it soon so that my check will be deposited into an account that i only have access to

the reason i want to do this is that my husband is constantly taking out money

peace

Robert asks…

Bad situation–allow bank to cover check or be 30+ days late on mortgage?

I cannot decide which to do. I have been with my bank for over 13 yrs in good standing. I have only had a few instances in that time where I had insufficient funds to cover a transaction. I know they will not return a transaction unpaid to recipient up to $1500. because of my history. I have also NEVER made a 30 day late payment to my mortgage. Here’s the problem– we have undergone a pay change that will now result in a paycheck being received when our mortgage will be considered 34 days late. I have contacted the mortgage company 2x, and they will do NOTHING to help. I have about $1k of the roughly $1500 needed, but will definately be short by $400+ the day the payment will go 30 d. I assume the bank will pay out the difference to the mortgage company and hit me with NSF fees. Do I pay it, bounce it on my end and accept the fee, or do I just allow the 1 time late on the credit report? I will need to apply for a car soon, so credit matters, but bouncing terrifies me. Which is worse?
Cannot get the overdraft line of credit you mention- score too low since cards are all full. We had a fire in Feb that displaced us for more than half the year. We lost ALMOST everything, but are still fighting the insurance. We have replacement policy, which is good, but also means we pay out first and they reimburse-taking their sweet time to do it. We are waiting on more insurance money, but it won’t come in time to help this.

We know our financial status isn’t good- I am just asking which is WORSE if you can’t get credit or a loan anywhere to cover it.

admin answers:

Have you tried taking money out of equity? If not i am sure you would get a great interest rate from your bank when applying for a small loan to get by…

Ken asks…

my claim check from my homeowner’ insurance co. put my name and the mortgage name. how do i deposit the check?

admin answers:

This is normal practice. Contact your mortgage company, they will know exactly what to do. They do this all of the time (and each has a different method to handle it).

They do this because if you spend the money and don’t repair the house, the mortgage company can come along and force them to pay again.

Mandy asks…

My Mortgage company refuses to sign my Insurance repair check. What’s worse…?

Our mortgage company refuses to sign our Insurance repair check they say we have to sign and send it to them. They printed a new check, made it payable to me and the contractor for half the money, and when the repairs are complete and inspected they will send the other half of the money the same way. We have another check, and don’t want to follow this same process. This holds up the repairs, it undermines our authority over our home with the contractor, it takes away our financial control over our home, and the right to change contractors if we want (since the contractor is making us wait because the money is his and he knows it). Is this process legal? Is it against state regulations? Is this considered unfair, and unethical practices? It sure feels and looks like it. We didn’t buy our home 1 year ago for this treatment. Do we need an attorney? Do we complain to a government agency? Do we just send a certified, notarized letter saying we want them to sign any future Insurance checks, and threaten court action? We have not signed any agreement, nor have we ever seen this agreement at the closing of our home purchase. The Mortgage company admits we didn’t sign anything as well. The check is less than $3500, but the principle is important to us. Please point me in the right direction.

admin answers:

The mortgage company is making sure the home is repaired. Think of it this way, you own the part of the house that is paid for— they own the part of the house that is not. They have a financial interest in the house. They have a financial interest in making sure the repairs get done. There concern is that you will not get the repairs done – fall behind on the payments and they will foreclose on the house. Given the high fore-closer rate right now — that’s not an unrealistic concern. I am sure mortgage companies have been burned by this situation too many times and are starting to crack down.

As far as your policy goes, it has a loss payable clause that says the insurance company HAS to protect the mortgage companies interest. They have to put the mortgage company on the check.

So yes, what the mortgage company is doing is legal.

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Your Questions About Check My Mortgage

William asks…

can I get 2 checks or just one check?

I’ve been on Workman’s comp since july 21,2009.
My check each week is so small.I have to take 3 weeks of checks just to pay our mortgage payment.The last check(the 4th),I have to buy food,pay car insurance,1 credit card payment,all 4 utility bills,and gas for the car.This leaves me with nothing. I mean O.
Can I get “temp disability also,or,not?
thanks.

admin answers:

Sorry, but you only get one or the other. You may file for disability, but once you are approved and start receiving disability payments, your workman’s compensation payments will stop.

Nancy asks…

Hold Harmless Agreement for Mortgage Company?

I had some repairs done to my home because of hail damage. I sent the insurance claim check to my mortgage company and they are holding it. The contractors required that I pay in full upon completion of the repairs. I sent a copy of all the paper work stating that the contractors have been paid in full, including their signature. My mortgage company is requesting that I send them a letter called “hold harmless agreement” stating that no contractor will place a lien on the home due to non payment and that they are not responsible for any unpaid contractor. Any idea how to write this letter? please help! I’m not sure how to begin writing this letter and what the proper terminologies are.

admin answers:

Too Whom It may Concern,
The repairs done on my home as a result of hail damage have been completed and I have paid them in full guaranteeing that none can seek future payments nor place a lien on my property as a result.

Furthermore, I hold ABC mortgage company harmless in this matter.

Sincerely,

Joe Home Owner

If this doesn’t meet the needs of the mortgage company have them tweak it. Good Luck

Michael asks…

NSF fee if paycheck is same day as mortgage?

My pay day is the same day the mortgage comes out. But I don’t have direct deposit, I get checks.
So the mortgage actually comes ou before I can put my check in. Will I still get an NSF fee if the money isn’t there in the morning when they try taking it out, but it is there in the afternoon…?
Thanks for the info, but I just love how everyone is so quick to judge how I may or may not be living. I am in a position right now with my finances in which I am normally not, hence why I am asking the question.
Thanks though.
Sorry, shouldn’t have said everyone.

admin answers:

Yes, you will incurr a fee. This is how banks make money

Better idea: Keep a minimum in your checking account to cover your mortgage payment at all times. It almost sounds like you are living paycheck to paycheck.
That is a horrible way to live – change it now
Keep at least 2 weeks pay as a minimum in checking, and open a savings account to have at least 6 months worth of emergency living expenses.
You never know when you will lose a job

Jenny asks…

Can i sue the mortgage broker who changed our policy insurance ? Without telling us?

We had to renew our policy for our mortgage and we had always had it where if one of us had a life threatening illness our mortgage would be paid of , we have just found out that my husband has cancer and when we checked out policy we realized the mortgage broker had changed out policy where we wasn’t fully covered , we had told the mortgage broker when renewing our policy that is what we wanted , is there anything we can do ?

admin answers:

You’re responsible to read what you sign.

Ken asks…

I get S.Sec. for 17yr. old son. He wants to live with uncle in NJ, Will I loose his SS check?

My husband recently passed away. I get a S.S. check for my son. I have no other income, presently and have been using the check for my mortgage. He wants to move to his Uncle’s house in NJ. He is 17 and graduates next June. Will I loose his SS check if he goes? Can I get around this? Sandy in MI

admin answers:

You’ve used the words “check for my son” and “his check,” if it is HIS check, why are YOU using it? The check has his name on it, meaning he’s the one who is supposed to sign the check and cash the check, right? So does this mean that you have been forging his signature, and basically stealing money from him?

Think about that for awhile. Oh, and you might want to start checking the classifieds for a job…you are gonna need it.

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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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Your Questions About Check My Mortgage

Lisa asks…

If I refinance with a different mortgage company, what happens with my escrow from my old mortgage company?

I am considering a refinance with a different mortgage company. I was told that my old mortgage company will send me a refund check for my money in escrow…is this true? And I was considering using the refund to pay for my appraisal fee for the refinance. Is this a good idea?

admin answers:

Yes, the old mortgage processor will refund your escrow balance within 30 days AFTER closing. You need cash flow to complete the process or the new mortgage company needs to agree adding the fees to your mortgage balance.

Rates are very good now. Some companies are offering 4.5% note rate on a 30-year mortgage with no fees or points whatsoever (APR 4.500%). Assumes single-family residence, not a condo, owner-occupied, no secondary/subordinate financing, escrow impounds, loan amount > $100K, and FICO >= 740. Good luck.

Joseph asks…

My lawyer’s secretary cashed official bank checks made out to my mortgage co. Who do I sue and how?

We made out certified bank checks to our mortgage co. for 4 months and gave the checks to my lawyers secretary to send to the mortgage company lawyers to come out of a chapter 13. We thought we were caught up, only to find out that she had altered the checks and made them payable to herself. Each check was over $ 2200.00. The bank that cashed the checks said it’s not their fault and my bank said it’s not their fault. My lawyer has since fired her, and basically acts like he didn’t have anything to do with it and say’s it’s our loss. I need to know if this is professional misconduct on my attorneys part, and were both banks negligent in allowing this checks to be passed.

admin answers:

Get a good attorney – sue her and her former employer.

Sharon asks…

What I have to be careful if I use HARP through my bank to refinance my house?

By the way, all my previous answer were really great and helpfull. I want to do a nice research before I refinance. My fixed rate is until next year and I want to reduce my monthly mortgage of $1,870.00. Basically all my pay check goes to mortgage and I can’t sell it. The price of the house went down 100,000.00. Thank you

admin answers:

The most important thing to be careful about in the HARP program is to make your payments on time. A late payment in the last six months will disqualify you from the program. You are allowed only one late (30 days) during the last 7-12 months. For more informaton about HARP eligibility see the BIlls.com article http://www.bills.com/harp-mortgage/ .

The HARP 2.0 mortgage program can be divided into two types of loans:
1. Manual underwritten loans: Theses can be only be offered by your original lender/servicer.
2. Automated underwritten loans: These can be offered by new lenders who participate in the HARP program.

The manual underwritten loans (Fannie Mae’s Refi Plus and Freddie Mac’s Relief Refinance) have less strict underwriting criteria. This includes no DTI (debt to income) ratio requirement. An automated underwritten loan has a DTI requirement of around 45% maximum, although lenders often have stricter requirements.

Based on the information you provided, it sounds like your DTI is high and that you may not qualify for an automated underwritten loan. Start by speaking to your current lender. Don’t be surprised if the interest rate is higher than the market average.

Mark asks…

Paying off Mortgage Bank of America won’t take my check.?

I made out a check $25,000 to pay off one mortgage and part of that money to pay existing mortgage so the amount is lowered down. The clerk won’t accept it. I told her it was my last check. So, I wasted my time going there, and I wasted writing my last check! I didn’t get to pay my mortgage that day! I have not been treated so unkindly, and I wonder why we don’t bank at BofA. I was so embarrassed!

She wanted me to give her TWO CHECKS!

If someone owed me money, I would have accepted it, no matter what shape, or form, as long as the money is legit.

That was bad customer service. What do you think?
I just called BOA to get my balance, so I know what $$$ checks to write. Guess what! She couldn’t find my mortgage account. I went over with her my SSN, my address, zip code, spelled my last name, and the bimbo at the bank yesterday, she must have deleted my account! The CS on the phone couldn’t find it online.
I went to the manager first, she directed me to the teller clerk. They required two checks so each one will go to each mortgage (department). Beats me!

admin answers:

If you were paying TWO mortages of course you would need TWO checks.
The money goes to TWO different accounts and they must be able to reconcile the payments.

If you just pay one check what is going to happen is that the money will get credited to ONE account, even if that causes an overpayment (negative loan amount).

George asks…

Does it matter whether a mortgage preapproval is from a bank or a mortgage company?

My former realtor told me that it’s better to have a preapproval from a bank than a mortgage company. My preapproval is from Suntrust Mortgage. My new realtor is asking that I check out two different lender that are not with banks. Is either one better than the other?

admin answers:

No, it really doesn’t matter at all where the letter comes from as long as it comes from a qualified housing lender. Bank or mortgage company is fine. I would imagine it might?? Be better if the lender is a household name such as a large bank as opposed to a small mortgage company that no one has ever heard of. In reality, a lender is a lender.

Real estate agents often try to steer people towards a certain lender because they will get a “finder’s fee” for that if you use their lender.

Use whatever lender gives you the lowest rate. If anyone gives you flak, find a new agent. In today’s market, the agent’s will be begging for your business.

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Your Questions About Check My Mortgage

Lisa asks…

Will my insurance settlement check come in mine AND my mortgage companies name?

I have home insurance and damage happened in my home due to a fire. I’m pretty sure the check is going to come in mine as well we my mortgage companies name. I can’t cash it without my mortgage companies approval. So, what steps must I take in order to get this check cashed? I already have a contractor in mind, and an estimate by this contractor. Any help is appreciated.

admin answers:

Yes, if you have a lender, it will be in both names.

You cannot ‘cash’ this check. That’s what the mortgagee clause says, and it prevents you from taking the money and running, and not getting the repairs done.

One alternative, is signing a direction of pay statement, and having your insurance company pay the contractor directly.

Sandra asks…

insurance claim check made out to me and the mortgage company?

Recently my home was damaged by an A/C water leak and now that insurance has made the check, my name and my mortgage companies name is on it…I have to endorse it and mail to them and they told me they will send the first third of the amount, then when we are 33 % done they will get an inspector to come see and then send the 2nd third of the amount and when we are 95% done again get the inspector out and they will release the final third amount of the check to me.
My question is this we have a great friend who is a contractor , he is charging us almost 10 grand LESS than the insurance company gave us, what happens to the money? Do I HAVE TO SPEND IT on the house? We are getting more done for a lot less than the insurance settlement….but can I get in trouble if I DONT use it on the house? According to the mortgage company the three checks will be made out to my name and the subcontractor, but if he is charging me less how do i get the rest of the money?

admin answers:

Yep, that’s exactly how it works.

You get the work done, have your contractor friend sign off on it, send in the photos, allow an inspection if the mortgage company wants it, and they release the full amount over to you.

Your contractor friend, will happily sign off on the extra amount, so you BOTH get money.

Ken asks…

Is it a felony to collect rent checks and not pay the mortgage?

I gave 3 houses we owned in Arizona to my ex in the divorce decree back in August. Right after the divorce she stopped paying the mortgages on the houses yet continued to collect the rent checks from the renters. She never refinanced the houses into her name (they were in both of our names) and my credit score has suffered big time. She is letting the homes go into foreclosure.

Do I have any legal recourse here? Also, has anyone ever gotten their credit restored due to a similar situation by using a divorce decree to restore the credit?

Thanks,

Randy

admin answers:

No, it is not illegal to do what she is doing.

It would appear you have a very sloppily written divorce decree, if you remain on the mortgage for homes you no longer own. Your agreement should have specified that the refinancing be done prior to her taking possession, and YOU should have made sure it happened.

Receiving of rent has nothing to do with paying of mortgages.

Donald asks…

When will I get my check? I need to pay my mortgage.?

admin answers:

I am thoroughly confused. Can you enlighten me? I’m assuming you’re referring to Obama but I don’t know of any policy or plan that he had to hand out checks. THAT socialist treat was under a Republican leader.

Funny how it looks when you think of it that way, huh?

Mark asks…

Why did her home insurance agent charge her a fee ?

My sister’s home insurance agent charged her a fee for the check she sent in. Why did he charge her? He was charged because he was on the phone trying to get a check from her mortgage company. Should he have done that?
Her check did NOT bounce. Her check was in escrow from the mortgage company but he had to wait because they would not send the check right away.

admin answers:

Some states allow insurance agents to charge a fee in addition to the commission they receive from the insurance company. Any broker or agent charging a lawful fee must disclose all material facts related to the service and obtain the consumer’s consent in advance. Your sister may have signed such a disclosure when she applied for the homeowners policy.

May be time to find a new agent that does not add service fees.

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