Your Questions About Check My Mortgage Loan

Mandy asks…

Could Someone Explain the Mortgage Process to Me?

I am mostly curious about the payout of the loan itself. I think I understand the rest. After you are approved, etc for the mortgage, where does that money go? What type of account is it wired to, my checking/savings? Do I have access to it? Can I withdraw it? How do I send the money to the seller I’m buying the homes from?

admin answers:

You never see it. The bank gives it to the seller at the ‘closing’ where all the papers are signed and you become the owner.

Sandra asks…

Our mortgage was just sold to Bank of America. Can anyone help me?

We are (or were) a customer of Taylor, Bean, and Whitaker Mortgage. I went to make our mortgage payment today and found out that TB&W has suddenly gone out of business this past week and our loan has been sold to Bank of America. I realize that mortgages are bought and sold all the time, but I am kind of concerned after speaking with two different people from BOA this afternoon. The first person I spoke with told me that customers from TB&W are not yet in their system and that they won’t be for about 2 weeks, but that we could mail our payment to them and he gave me the address to mail our payment to. He told me to just write our TB&W loan number of the check and it would be all set. I then called back to ask them another question and I was told by this other person to NOT mail our payment yet and to wait until we receive our welcome packet in the mail within the next couple of weeks. This person told me that if we were to mail a payment, even if it had our TB&W loan number of it, that they would have no idea where to apply our payment since we’re not in the system yet. I also asked if there would be a grace period so that we don’t have to make 2 payments so close together and this person couldn’t give me a definite answer. This is very disturbing to me. Two people from BOA have told us completely different things and we don’t know which one is true. We want to make our mortgage payment, but at the same time we don’t want to mail a check to Bank of America and just have it get lost in the transition or have it take forever for them to take the funds from our checking account. Does anyone know what we should do? My husband thinks that we should call them again on Monday to see if we can get a straight answer, but I really want to know now! Please help!

admin answers:

Why on earth did they even call you? This is really out of line.

Mail your payment to the same address as you did before. It will be applied and processed during the transistion. You do not have to mail to BofA until you receive written notice in the mail.

Maria asks…

What would trigger my lender to find out about a wraparound loan situation?

How would they ever know, they don’t do random grant deed checks right? Will it cause a problem if my “seller” pays the mortgage directly do them?
Oops, I meant will it cause a problem if my “buyer” pays directly to them?

admin answers:

You might have to record the deed of sale with the county records office, so the mortgage company could simply do a title check on the property. If your original mortgage contract does not allow a wraparound, then you are playing with fire. They can begin foreclosure for breach of contract. They probably won’t care if the 2nd buyer makes his payments on time, but if there are any problems with him, it will come back to haunt you.

James asks…

Should I pay off my car loan?

I have about 30,000 in a money market savings account and a 7,000 car loan at 5.35%. I pay about 350/month on the car and am tired of making the payment. Should I just be patient and make the payments or right a 7,000 check and be rid of it. If I wrote the check I would have no debt except for my mortgage. Suggestions?

admin answers:

Get it over with

Nancy asks…

Not sure if I should re-finance auto loan?

I currently have $6,900 financed at 8.9% with my local credit union. My FICO score is 683 as of last week. I would love to find a lower interest rate, however my local credit union does not re-finance their own loans.

I briefly checked lendingtree.com however their min loan amount is $7,500 which is more than I currently owe on my 2004 saturn. So I am not sure if I should refinance with the $7,500 loan and then make the difference my first payment. Or if I should wait and keep working at raising my FICO score then re-finance.

The biggest thing is that my boyfriend (of 2 years) and I are looking at buying a house in 2010 and I do not want the re-finance to hurt my FICO score. We will co-sign for the mortgage as his FICO score is 748 as of last week. But, my car loan is going to be only in my name.

Any advice??
I purchased the car last year from my grandmother before she died. I went to the bank and took out a loan so I could pay her outright the $7,500 for the car, to avoid any family drama (I am one of 12 grandchildren). It is a 2004 with less than 30,000 miles on it.

admin answers:

You owe $6,900 on a 5 year old car? Nobody is going to refinance that, nor should you. Next time you take out a car loan put more money down and take a shorter term (3-4 years). Better better yet, get a cheaper car and pay cash. It will make it easier for you to get a mortgage. Good luck.

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Your Questions About Check My Mortgage

Charles asks…

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

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

admin answers:

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

Joseph asks…

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

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

admin answers:

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

Chris asks…

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

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

admin answers:

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

James asks…

credit changes with mortgage?

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

admin answers:

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

Steven asks…

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

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

admin answers:

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

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

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

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Your Questions About Check My Mortgage

Donna 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:

Even though you have a large deposit, there are several things against you here. The biggest one is that your bf doesn’t have a job, and you are a higher risk if you’re not married. Also, if you only make $25k a year then you will not be able to afford it. You’re only bringing home about $2,000 a month and your mortgage payment is supposed to be one weeks worth, so your ‘bring home’ pay is only $520 per week. That’s not enough for a mortgage because your payments would be close to half of your monthly income.

What you can do is tell your boyfriend to get a job! That will significantly help your situation. You need at least $3k + per month before the bank will accept you, so you need a combined income of about $40k plus before you will even be considered.

Banks look at debt to income and with so many people abusing the system with foreclosures they are more than a little leary now. You have to jump through hoops. It’s not based on just your credit, they look at the overall picture to see whether you can afford it so even if your credit score is high doesn’t mean you can afford it.

Paul asks…

When Obama doesn’t send my mother her Social Security Check next month and she defaults on her mortgage and?

has to live on the street in D.C. can I quote Kanye West and say the “Obama doesn’t care about Black Folks?”

admin answers:

Sorry to say this, but if you mother is old enough to be on Social Security and still has a mortgage to pay, she didn’t plan well.
Washington DC is Way over-priced on homes.
Leave there. Move to a more sensible and cost logical place to live. Maybe she can actually buy a home for what she can get for the one she sells in Washington DC and end up with money to spare plus no mortgage. She will have lower taxes and a lower cost of living. (Of course Obama will confiscate her profits from the sale of her Washington DC home through high taxes.)
I know this doesn’t answer the objective of your question, but it is what I would advise if she were my own mother.
Meanwhile, F*** Obama and Never vote for another Socialist Marxist.

Thomas asks…

Mortgage in my Ex-Husband name, Can I still apply for Making Home Affordable program?

Me and my husband are divorced now, but I have ownership of the house, I need to apply for Making home affordable program to lower my payment, I do qualify for the program, however, Can I still apply even tho my name is not in the mortgage? I do pay the mortgage monthly out of my own checking account.

admin answers:

No, it is not technically your mortgage. You should have refianced as part of the divorce and property settlement process. Your chances of doing any refi now are totally pathetic – hardly any are being done for anyone.

The mortgage modification program is a total failure anyway. It was supposed “to help millions” keep their homes. Surpr-eye-ize! Very few are making it past the temporary, probationary process. Of those who pass that hurdle, over half are in foreclosure within 6 months, over 70-75% are in foreclosure within 9 months, and current estimates are that over 90-95% will go into foreclosure within a year. So these govt programs would not help you even if you did qualify.

You have no choices left but to find a way to make your payments and keep your house, or sell the house, or lose the house.

Richard asks…

Can my wife claim she owns the house if her income goes toward the mortgage and my income goes toward everyday

My wife and I own our home. We recently refinanced and now the mortgage is deducted from her own checking account that her income goes to. We have a joint account where my income goes into that we use for everyday living expenses. If we were to divorce, would she be able to claim that she was paying the mortgage, therefore, she should own the home.

admin answers:

Well, that is a more complicated question than it would appear on its face.

How is the house in title? Is it in both your names? If it is, then she can pay every dime and it is still half yours.

If you are in a community property state and the house is in one name, a litigator could argue that the house was paid for by her, but one of you should still be able to be entitled to the proceeds.

If you are not in a community property state and the house is in HER name, you are in rough waters. An attorney will argue that she has paid for it and you aren’t entitled to it.

George asks…

I want to refinance my house. How can I find out of a mortgage company is legitimate.?

I want to check on refinancing my house. How can I find out if a mortgage company is legitmanate

admin answers:

This would be very hard over the web.

My first suggestion is to ask your current lender. They already are “on the hook” and may be able to re-fi it much cheaper and easier than other people.

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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 Loan

George asks…

Getting a home loan with low credit score?

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

admin answers:

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

Chris asks…

How do I bring a mortgage current?

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

admin answers:

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

Robert asks…

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

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

admin answers:

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

Steven asks…

What is automated mortgage underwriting ? When is it done?

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

admin answers:

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

Carol asks…

Can Wells Fargo tell if I cash a check?

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

admin answers:

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

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Your Questions About Check My Mortgage Loan

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.

Http://barsnesscohen.blogspot.com/2009/10/wrongful-foreclosure-class-action.html

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
http://aboutfloridalaw.com/2010/10/02/bank-of-america-foreclosures-homeowners-lawsuits-seeking-compensation-for-wrongful-foreclosure/

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

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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